Abu Dhabi Securities Exchange rose 6.5%, and Dubai Market rose 1.3%.
5.7 billion dirhams, the volume of liquidity in the capital markets during 5 sessions
The general index of Dubai Financial Market closed at 2736 points.
Photography: Ahmed Arditi
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The local financial markets witnessed record weekly performance, in which the Abu Dhabi Securities Exchange General Index rose to a level it had not reached in 15 years, adding 344 points, equivalent to a weekly increase of 6.5%.
While the general index of the Dubai Financial Market gained 34 points, equivalent to 1.3% over the course of the week.
The volume of liquidity trading in the financial markets reached 5.7 billion dirhams during 5 sessions.
During a session yesterday, the two markets witnessed expected profit-taking operations, in which the Dubai Financial Market was affected by news of the temporary suspension of entertainment activities in hotel establishments and restaurants, which led to a decline in the market value of about 17 billion dirhams, after gains of more than 64 billion over three sessions.
Dubai Market
According to the data of the two markets, the general index of the Dubai Financial Market decreased 2.03% at the level of 2736 points, with trades amounting to a total of 436 million dirhams.
Shares of 25 companies registered a decline out of the 32 companies traded yesterday, while the shares of three companies rose, and four companies remained unchanged.
The share of Emaar Properties closed down 3.6% at 4.02 dirhams in transactions that exceeded 23 million shares, while the share of Deyaar Development decreased by 1.6% at 0.31 dirhams, in transactions of nearly 63 million shares.
Dubai Islamic shares fell by 1.8% to 5.03 dirhams in transactions of nearly 10 million shares, while the Dubai Financial Market share closed at its previous price of 1.26 dirhams, with transactions of nearly 39 million shares.
Union Real Estate was the most heavily traded stock, down by 1.4% at 0.29 dirhams, with more than 64 million shares traded.
Abu Dhabi Market
On the Abu Dhabi Stock Exchange, the general index closed down by 1.14% at 5611 points, with trades totaling 565 million dirhams.
Etisalat’s share closed down 3.2% at 19.5 dirhams, with more than six million shares traded, and first Abu Dhabi’s share declined by 0.8% at 14.9 dirhams, with more than six million shares traded.
Outstanding performance
For his part, Director of Al-Ansari Financial Services Company, Abdul Qader Shaath, said, “The performance of the two markets during the week was distinguished with the support of the real estate and banking sectors, against the backdrop of local news related to real estate and partnerships with the government, in addition to the acquisition of First Abu Dhabi Bank of Bank Audi in Egypt, as well On the increasing frequency of vaccination against the Coronavirus, all this contributed to the rise in indicators.
He added that the announcement by the board of directors of "Etisalat" and "Du" to raise the percentage of foreign ownership, gradually boosted the performance of indicators in both markets without high fluctuations.
He pointed out that the profit-taking operations witnessed in the session yesterday, were expected and due after a series of successive rises, especially in the Abu Dhabi Stock Exchange, which recorded a rise over the past four weeks.
Shaath added: “From the technical aspects, yesterday’s session came, which is good for laying down rules for investors that can build upon for next week’s transactions,” noting that the news of the temporary closure of entertainment activities in Dubai also affected some investors, so they reaped quick profits, as well as the case for investment portfolios. He stressed that profit-taking was not strong, but expected and deserved, after a series of rises, in which all individual investors and funds made good gains, in addition to the daily levels of liquidity touching one billion dirhams on average, and this heralds momentum during the coming period.
Return of investments
In turn, the expert in financial markets, Dean Kanaan, said that "more liquidity is flowing into the markets remarkably, and it is noticed that it is distributed on all stocks, in addition to the return of foreign investments at an increasing rate and in very good numbers, distributed among companies and banks." To enhance performance, in light of the continuing rates of liquidity, as well as the redistribution of financial portfolios based on the announcements of annual results and distributions, stressing that the UAE markets are still in the stage of price correction after periods of decline during the year of "Corona".
For his part, the expert in financial markets, Jamal Ajaj, said that "profit-taking operations during yesterday's session came after the rise of all stocks and the significant improvement in their price, but in general the performance was very good, and the declines are healthy, as long as it came after a series of increases." Noting that this gives an opportunity for investors to sell with gains and buy again.
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