“Dubai Financial Market” exceeds the levels of 3,000 points and rises by 4.3% before the end of a historic session
The Dubai Financial Market index rose by 4.3%, to exceed the levels of 3,000 points for the first time in more than 3 years, amid trading that amounted to 1.2 billion dirhams, half an hour before the close of a historic session today.
The "Dubai Financial Market" share rose to the maximum at 1.21 dirhams, to its highest level in 9 months, and in high trading, with the disappearance of the supply of the stock at several times.
This rise came after announcing the adoption of a comprehensive plan for the development of the financial market, including the inclusion of 10 government companies and a market maker of two billion dirhams, and the establishment of specialized courts.
The shares of "Emaar Properties", "Emaar Malls", "Deyaar Development", "Union Properties" and "Dubai Investments" are trading at an increase of more than 5%, while the shares of "Dubai Islamic" are rising by more than 3%.
For his part, Chief Executive Officer of Strategies and Dealers at Al Dhabi Capital, Muhammad Ali Yassin, said that the financial markets in Dubai received the new decisions related to the stimulus package to support the markets in a more than positive way, due to the awareness of investors that this stimulus package will raise the market indices significantly in the period coming.
He pointed out that the Market Maker Fund expected to enter the Dubai Financial Market will contribute to raising the trading rates significantly in view of the positive effects of these funds on the markets, which we saw in the Abu Dhabi Securities Exchange in the last period, and the significant rises achieved by the market.
He stressed that there are expected new listings that will include many important sectors, which will inject new blood into the market that will achieve the target value of the market capital, which was announced in the stimulus package, reaching three trillion dirhams.
He stressed that the inclusion of 10 government and semi-governmental companies in the Dubai Financial Market is a very important step, which will contribute to increasing the depth of the market and diversifying the listed companies and sectors.
Yassin explained that the establishment of a fund worth one billion dirhams to support advanced technology companies will have a major role in attracting a new segment of companies in sectors such as technology, artificial intelligence and many other industries that will be of great interest in the near future.
He pointed out that the government's entry through the fund as an investor in part of these IPOs will give it credibility and attract the attention of investors to it, and thus this will reflect on the performance of the Dubai Financial Market and will lead to a rise in trading volumes and values to record levels.
He pointed out that Dubai's economy is replete with a large number of large and successful companies in all fields in aviation, technology, food industries, real estate, banking and insurance, and even in petroleum materials, noting that new subscriptions or the so-called initial issues are what give the markets permanent movement, and this cycle was Frozen in the Dubai Financial Market in the last period, and since 2014, that is, nearly 7 years, explaining that the markets always need new companies to continue their activity.
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