«Dubai Financial» rises 5.01% and sets a new record
82.7 billion dirhams of local stock gains during a week
Dubai Financial Market Index closed at 3,226 points.
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Abdul Qader Shaath: "The UAE markets witnessed, after the (Union Day holiday), the launch of billions of investments, and important and positive decisions."
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The market value of local shares jumped last week, with shares achieving 82.7 billion dirhams, distributed by 65 billion dirhams in the Abu Dhabi Stock Exchange, and 17.7 billion dirhams in the Dubai Financial Market.
In detail, the Dubai Financial Market index rose by 5.01% at the close of trading last week, reaching a new record level at 3,226 points, compared to about 3,072 points in the previous week.
The market value of Dubai shares recorded 413.121 billion dirhams at the end of the week, compared to about 395.394 billion dirhams in the previous week, with gains of 17.727 billion dirhams.
The Abu Dhabi Stock Exchange rose by 3.94%, to record 8,883 points, for the first time in its history, compared to about 8,546 points in the previous week.
The market value of Abu Dhabi shares recorded 1.631 trillion dirhams at the end of the week, compared to a value of 1.566 trillion dirhams in the previous week, with weekly gains of about 65 billion dirhams.
For his part, Abdul Qader Shaath, Director of Development at Al Ansari Financial Services Company, said: "The UAE markets in the first week after the (Union Day holiday) witnessed the launch of billions of investments, and important and positive decisions represented in amending the work system and linking local markets with their global counterparts."
Shaath added that "all analyzes coincided with the wave of market movement," stressing that "the level of liquidity is high and maintained the level of two billion dirhams, while the average trading in the Dubai market did not fall below 500 million dirhams."
He continued, "This week is distinguished in terms of stock prices," noting that the telecommunications sector recorded increases in a number of shares, including the "du" share, which recorded a historical level, the highest in two years, while the "Emirates Telecom" share has achieved a record price rise since insertion.
He revealed that the telecommunications sector was the highest and most distinguished in the markets during the week, in addition to the banking sector, which reached some record levels in Abu Dhabi, as "Abu Dhabi Commercial" reached the level of nine dirhams, as well as "Abu Dhabi Islamic" recorded 6.6 dirhams, the highest level since 60 weeks
Shaath pointed out that there is liquidity directed to the leading stocks that have a place in global investment funds.
He explained that the "Etisalat" stock, despite its record high, is still witnessing daily trades exceeding 500 million dirhams, and this indicates the company's strength and the future vision of investing in major companies.
He pointed out that the last session witnessed profit-taking for some stocks, which is healthy and positive from a technical point of view, expecting that this will help create investment opportunities in the coming weeks.
And he indicated that investors are awaiting the announcement of results for the year 2021, amid expectations of recording better results than previous years.
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