Two analysts attributed the rise in financial markets to investor optimism with the changing geopolitical situation and the expansion of "vaccination".
Local shares win 5.4 billion dirhams
The market value of Dubai shares recorded 354.78 billion dirhams.
Archives
picture
The market value of the shares of companies traded in the local capital markets gained about 5.4 billion dirhams, at the end of yesterday's trading session.
The Dubai Financial Market rose by 1.85%, breaching the 2,674-point barrier, while the Abu Dhabi Securities Exchange closed at 5176 points, an increase of 0.24% compared to last Thursday's session.
In addition, two financial analysts attributed yesterday's rises to a state of optimism among investors, as a result of several factors, including the change in the geopolitical situation, in addition to the start of the expansion of vaccination against the Corona virus, as well as the support of the leading stocks of market indicators, especially the Dubai market.
Dubai market
In detail, the local financial markets ended the trading session yesterday on a remarkable rise, amid market gains of about 5.4 billion dirhams, as the general index of the Dubai Financial Market rose 1.85%, closing at 2674.3 points, and 48.64 points winning.
The market recorded transactions of 452.53 million shares, worth 545.3 million dirhams.
The session witnessed a remarkable rise in some of the leading stocks, as the share of Emaar Properties rose 3.06%, surpassing the four dirhams barrier, which is its highest level in 10 months.
Dubai Islamic shares rose 2.98%, while GFH rose 6.59% and Emaar Development 3.86%.
The market value of Dubai’s shares recorded 354.78 billion dirhams, compared to last Thursday’s session, at 352.95 billion dirhams, achieving market gains of 1.83 billion dirhams.
Abu Dhabi Market
For his part, the Abu Dhabi Stock Exchange rose by 0.24%, to close at 5176 points, through the circulation of 169.13 million shares, valued at 541.82 million dirhams.
The share of "TAQA" rose 1.4%, while the share of "Abu Dhabi Islamic" rose 0.84%, in addition to the increase of "ADNOC Distribution" by 0.52%, and the share of "Etisalat" by 0.35%.
The market value of Abu Dhabi’s shares reached 742.77 billion dirhams, compared to about 739.2 billion dirhams, with the market capital gaining 3.57 billion dirhams.
More confidence
In addition, the financial analyst and general manager of Daman Securities, Ahmed Saifuddin, explained that there are several factors that have improved the psyche of investors in the local capital markets, most notably the change in geopolitical factors related to the Gulf region, in addition to the expansion of the vaccination process in the UAE against the virus. Corona », with the government's efforts to control the virus, indicating that all of this gave more confidence to the financial markets.
He added that optimism appeared through the increase in trading volumes in both markets (Dubai Financial and Abu Dhabi Securities), as liquidity and good movement on the leading stocks were able to support the two markets significantly during yesterday's session.
An uptrend
For his part, financial analyst Jamal Ajaj said that the improvement in geopolitical conditions in the region, in addition to the health related to the expansion of vaccination campaigns against the Corona virus in the country, contributed to a state of optimism among investors in the local financial markets.
He pointed out that the good and expected annual results of some leading companies in the market, especially those that distribute profits, also contributed to supporting the upward trend of the markets.
Dubai Financial rose 1.85%, breaking the 2,674 points mark.
The leading stocks supported the market indices, especially the Dubai market.
169.13 million shares worth 541.82 million dirhams were traded on the Abu Dhabi Market.
Follow our latest local and sports news, and the latest political and economic developments via Google news