Supported by the increase in risk appetite and the focus of dealers on the “Dewa” offering
Dubai Financial Market raises its gains in 3 sessions to 18.4 billion dirhams
Dubai Financial Market Index rose by 0.34% to close at 3527 points.
archival
picture
The Dubai Financial Market consolidated its gains for the third consecutive session, recording the highest closing in four years, and shares gained more than 18.4 billion dirhams in yesterday’s session, with an increase in risk appetite, and dealers’ attention paid to the developments of the offering of the Dubai Electricity and Water Authority (DEWA), which announced that it It increased the size of the initial public offering of its shares to a share of 17%, instead of 6.5% of its shares, for a value that could reach $ 5.7 billion (21 billion dirhams), in what may become the largest offering in the region since the offering of shares of "Saudi Aramco" in 2019 which raised a record $29.4 billion.
Dubai market
The Dubai Financial Market index rose 0.34%, at 3,527 points, the highest level since January 2018, supported by the rise of Emirates NBD share by 1.01%, Emaar Properties by 1.34%, and Deyaar Development by 2.87%.
Emaar Development rose by 1.37%, and Union Properties rose by 6.93%.
While the Dubai Financial Market share declined by 3.17%, the "GFH" share fell at the level of 2.43 dirhams, and the "Amlak" share rose by 4.07%.
The market gains of the Dubai market in the last three sessions amounted to about 18.42 billion dirhams, bringing the total market gains to 435.88 billion dirhams.
The value of trading on the Dubai Financial Market during yesterday's trading amounted to 548.31 million dirhams, with a trading volume of 284.26 million shares, through 7.17 thousand deals.
On the other hand, the FTSE Abu Dhabi index fell to close at 9,845 points, after rising in the past six sessions, in which it exceeded its highest levels ever.
First Abu Dhabi shares fell by 2.01%, "Vertiglobe" decreased by 9.88%, and Dana Gas decreased by 1.64%.
While the "Aldar Properties" share settled at the level of 4.97 dirhams, and "International Holding" rose by 1.03%, and "Etisalat Group" rose by 0.11%, and the share of Ishraq by 11.5%.
The value of trading in the Abu Dhabi market reached 1.52 billion dirhams, while the trading volume amounted to 380.09 million shares.
positive movement
For his part, the director at Al-Ansari Financial Services Company, Abdul Qader Shaath, said that "the UAE stock markets are still witnessing a positive movement," explaining that "the Dubai Financial Market witnessed in the trading session yesterday, an increase, and maintained liquidity by 548 million dirhams."
He added that the Abu Dhabi market also maintained trading levels of 1.5 billion dirhams.
He explained that the Abu Dhabi Financial Market witnessed a decline in the index and this is healthy, as a kind of profit-taking for the shares that continued to rise for more than six sessions.
He continued, "The (Eshraq) stock is witnessing a rise for the second consecutive session, after the company announced the news of the acquisition, as the stock recorded a 25% increase over two sessions."
Shaath said, “The Dubai market achieved a positive movement, especially on the shares of the real estate sector and banks, and the Emaar share touched 6.15 dirhams, closing at 6.05 dirhams, and this means that the Dubai market witnessed profits for some shares, although the index closed higher thanks to the rise (Emaar) and Emirates NBD.
Banks and Energy
In addition, the financial analyst, Jamal Ajaj, said that “the market witnessed a state of disparity in yesterday’s session, especially in the banking and energy sectors, in the Abu Dhabi market, which witnessed great pressure,” noting that the shares of banks in the Abu Dhabi market (First Abu Dhabi, Abu Dhabi Commercial). , Abu Dhabi Islamic) witnessed selling pressure.
And he indicated that real estate stocks also witnessed some kind of fluctuation in prices, but there was stability to some extent, such as the "Al-Dar" stock.
He continued, "On the other hand, the Dubai market witnessed a good movement on the (Emaar) and Dubai Investments shares," adding that some small stocks witnessed a good movement on them.
He added, "The market is facing pressure as a result of investors' desire to subscribe to (Dewa) shares, especially after the company announced an increase in the offering."
Ajaj said, "The market's performance is healthy, because the exaggerated rise in short periods negatively affects the market's performance," adding: "market volumes were acceptable yesterday in general."
He pointed out that the market is going through a "casual" activity on most stocks, with the exception of stocks that declined significantly without any direct reason or negative news, stressing that the psychology of investors is controlling the market now.
Follow our latest local and sports news and the latest political and economic developments via Google news