35 billion dirhams, local stock gains within a week
Local shares achieved market gains last week of 35 billion dirhams, bringing the total market value to two trillion and 239 billion dirhams at the close of yesterday.
In detail, the market value of companies listed on the Abu Dhabi Securities Exchange increased by 24.5 billion dirhams to 1 trillion and 802 billion dirhams at the end of last week, compared to 1 trillion and 778 billion at the end of the previous week.
And the market value of the companies listed on the Dubai Financial Market increased by 10.45 billion dirhams to reach 437.2 billion dirhams at the end of last week, compared to 426.752 billion dirhams at the end of the previous week.
The Dubai Financial Market closed up by 3.64% at the level of 3536.65 points, with transactions worth a total of 2.19 trillion dirhams, with quantities of 881.69 billion shares, with a total of 29.19 thousand deals.
Shares of «Emaar Properties» increased by 10.7% to close at 5.45 dirhams, with trading of nearly 939.02 million shares, with a value of 160.14 million dirhams.
«Gulf Navigation» shares increased by 9.8% to close at 0.24 dirhams, with transactions exceeding 3.29 million shares, with a value of 12.77 million dirhams.
The Dubai Financial Market Company's share rose 6.2% and the Emirates NBD share 4.9%.
The shares of Air Arabia and Emaar Development rose 4.5% and 4.46%, respectively, and Dubai Investments rose 4.29%, Union Properties 4.1% and Dubai Islamic 1.98%.
The Abu Dhabi Securities Exchange index rose during the week's trading by 1.64% at the level of 9928.69 points, with transactions worth 8.21 trillion dirhams, with quantities amounting to 1.71 trillion shares, with deals of 47.8 thousand deals.
And «First Abu Dhabi» shares closed with an increase of 4.5% at 22.58 dirhams, with a transaction of nearly 68.046 million shares, with a value of 1.58 trillion dirhams, and «Aldar Properties» share increased by 2.9% at 4.79 dirhams, with a transaction of nearly 328.4 million shares.
«Etisalat» shares increased by 2.67% at 36 dirhams, with a turnover of more than 16.24 million shares, while «International Holding» shares closed by 2.06% at a price of 184.5 dirhams, with a turnover of 8.42 million shares.
Historic levels
, Vice President of Research and Investment Strategies at Kamco Invest, Raed Diab, said that local markets are still maintaining their gains, as the Abu Dhabi market index continues to record new historical levels, bringing the growth rate from the beginning of 2022 until the end of March to nearly 6 %.
He pointed out that the Dubai index reached levels not seen since November 2017, with the growth rate since the beginning of the year reaching nearly 10%.
He stressed that the local fundamentals are still strong in light of the initial public offerings, and the Dubai Electricity and Water Authority (DEWA) intends to increase the size of the offering to 17% instead of 6.5%.
In addition, despite the strong fluctuations in oil prices in the recent period in light of several factors, including the military conflict between Russia and Ukraine, fears about supplies and the suspension of pumping from the Caspian Sea Pipeline consortium, while there are news that the United States intends to release more oil from Strategic precautions to curb the rise in oil prices, but prices still maintain good levels and above the break-even oil price.
New stimuli
. Diab expected the local stock markets to maintain their gains in the coming period, pending new stimuli, such as the financial results of the listed companies for the first quarter of this year, in addition to the results of the peace talks between Russia and Ukraine, which may stop the conflict between them and give some relief to investors.
He pointed out that the Abu Dhabi Securities Exchange is moving forward with its goal of doubling the market value, which will be through the listing of 13 to 15 new companies this year and will pave the way for players from the private sector, noting that the Abu Dhabi Stock Exchange with these steps will raise the appetite of local and international investors.
He stressed that the UAE stock markets are a good environment to stimulate and attract foreign investment, and therefore the prospective listings add depth to the market and more diversity.
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