Dubai index rose 1%, Abu Dhabi 1.4%

Two analysts: Business results support the bullish path of the markets

Dubai Financial Market closed at 2726 points.


The local stock market indices returned their gains during yesterday's session, as the Dubai Financial Market index rose by 1%, and the Abu Dhabi Securities Market index rose 1.4%.

Two financial analysts reported that the indicators are moving in healthy channels, and they were able to maintain their upward path with the support of the good results of some companies, especially the banking sector, which maintained its good performance despite the repercussions of the Corona crisis, stressing the continuation of the optimistic view of some important sectors in the market, including Real estate and banking sectors.

Dubai market

In detail, the Dubai Financial Market closed yesterday, up by 1.05% at 2726 points, with trades totaling 252 million dirhams.

Shares of 19 companies out of the 32 companies that were traded rose, while the shares of six companies declined, and seven companies remained steady.

The share of "Dubai Islamic" closed up 2% at 5.1 dirhams, with more than 17 million shares traded, while Emaar Properties closed at its previous price of 3.87 dirhams, with more than 11 million shares traded.

Emirates NBD increased by 2.58% at 11.9 dirhams, and traded nearly three million shares.

And «Anne Digital Services Holdings» shares were topped by 1.3%, at 0.156 dirhams, with more than 31 million shares traded.

Abu Dhabi Market

The Abu Dhabi Stock Exchange closed yesterday, up 1.42%, at 5662 points, with trades totaling 492 million dirhams.

Shares of "Etisalat" rose 0.4% at 20 dirhams, and traded nearly 4 million shares.

The share of "First Abu Dhabi" rose 2.5% at 15.02 dirhams, and in transactions close to eight million shares, while the share of "Global Holding" rose by 1.3% at AED 46, and trades close to two million shares.

Take profits

For his part, financial analyst Jamal Ajaj said, “The markets, despite passing a profit-taking session, in the day before yesterday’s session, have returned to their upward path, which confirms the local markets’ preservation of the upward path, which it started since the beginning of this year. ».

He stressed that «the banking and real estate sectors are among the sectors that have contributed to supporting the indices in both markets. Despite the Corona crisis, these companies maintained their financial performance, which is confirmed by the rise in the shares of Dubai Islamic 2% and Emirates NBD 2.58%, and they are Of the leading stocks in the Dubai Financial Market at the level of the index and at the level of their sector, in addition to the rise in the shares of (Emaar).

On the Abu Dhabi Stock Exchange, the shares of First Abu Dhabi rose 2.46%, and Abu Dhabi Islamic Bank 2.23%.

In turn, the director of operations in the "Daman" securities company, Ahmed Saif Al-Din, said that "the continuity of the upward curve of the markets confirms the optimism that the investor has adopted in the local market since the beginning of this year, which is supported by good performance from the leading stocks in the market." There is a trend by individual and corporate investors towards building good financial positions in these companies, especially with the beginning of the announcement of their results, which were mostly good.

He indicated the possibility of this curve continuing during the coming sessions, despite profit taking in the previous session, with good dividends expected by some companies despite the repercussions of Corona.

Ahmed Saifuddin:

• «The continuation of the upward curve confirms the investor’s optimistic outlook in the market since the beginning of 2021.»

Jamal Ajaj:

• “Banks and real estate are among the sectors that supported the indices in both markets.”

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