"Dubai Financial" rises 5% ... and "Abu Dhabi Market" 3%, in the largest weekly increase since February

Local stock prices approach pre-Corona levels

• Dubai market index closed at 2547 points.

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• Dean of Canaan: "There is a foreign and local institutional entry that was evident throughout the week's sessions."

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The local financial markets witnessed a completely green week, to be completed by the high closures to six consecutive sessions, with which stock prices approached pre-Corona pandemic levels and compensated for a good part of their losses.

The Dubai Financial Market index recorded a weekly increase of 5%, adding 127 points to reach the level of 2547 points, while its counterpart in the Abu Dhabi Securities Exchange rose 3%, ending the week at the level of 5109 points, as these closings are the highest for the indices since last February.

Dubai market

According to the market data on the performance of the session yesterday, alone, the Dubai Financial Market continued to rise for the sixth consecutive session by 0.28%, closing at the level of 2547 points with trades totaling 293 million dirhams.

Shares of 17 companies out of the 30 companies that were traded rose, while those of nine companies declined, while four companies remained steady.

Union Properties' shares closed up by 3.3% at 0.31 dirhams, in transactions of nearly 122 million shares, while Emaar Properties fell by 0.3% at 3.59 dirhams, with trades exceeding 10 million shares.

Dubai Islamic shares rose 1.5% at 4.66 dirhams and traded more than seven million shares, while Deyaar Development rose 2.8% at 0.29 dirhams, with transactions that exceeded 40 million shares.

Abu Dhabi Market

On the Abu Dhabi Stock Exchange, the general index of the market ended the week’s trading, up by 0.63% at 5109 points, with trades totaling 457 million dirhams.

Abu Dhabi Commercial Bank's share closed up 1.8% at 6.19 dirhams, in transactions of nearly 11 million shares, while the first Abu Dhabi share rose 0.6% at 13.22 dirhams, with transactions that exceeded nine million shares.

Dana Gas shares rose 0.1% to 0.72 dirhams, in transactions of nearly 11 million shares.

Positive performance

In addition, the expert in financial markets, Dean Kanaan, said that the performance of the local financial markets, during the past week, was positive in general, whether on price levels or trading volumes, which raised investors' buying appetite, and spread a positive atmosphere, pointing out that there is Foreign and local institutional entry was evident throughout the week’s sessions.

And he indicated that the indicators of recovery for the various listed sectors are taking an upward path, whether banks, real estate, services or others, indicating that the week’s big rises have reached the indicators at levels that are the highest since last February.

Kanaan explained that since the beginning of last November until now, it can be said that stock prices have risen by 20%, which means that profit-taking operations may interrupt the upward path for some time, considering that this is normal after a wave of losses incurred by investors.

Upward path

The expert in financial markets, Jamal Ajaj, said that the positive performance of local stocks surprised everyone, especially at the level of trading volumes, which recorded numbers that we will not see for a long time.

He added that the ascending path came gradually over the past weeks without abnormal jumps, indicating that the markets are on the right path.

8.4 billion shares owned by foreigners in 6 real estate companies

The number of shares owned by foreign investors in six real estate companies listed on the UAE financial markets increased to 8.4 billion shares, with a market value of about 21.2 billion dirhams on December 9, 2020, according to figures released by the Abu Dhabi and Dubai Financial Markets.

The big jump in the number and value of shares owned by foreigners in real estate companies came after the strong increases in the prices of these companies, especially during the past few months, which stimulated investment in their shares.

Stock prices have increased by 20%, since the beginning of last November.

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