Dubai market records its highest level in nearly 5 years

Local financial markets set new records during the first sessions of this week, coinciding with the listing of the Dubai Electricity and Water Authority (DEWA) its expected shares on the Dubai Financial Market tomorrow, to join the list of the first row of companies in terms of market value of locally listed companies.

And local shares gained 34.8 billion dirhams during Monday's session, as the Abu Dhabi Stock Exchange gained 30.74 billion dirhams, and the Dubai Financial Market gained 4.034 billion dirhams during the same session.

In detail, the Dubai Financial Market closed today with an increase of 1.30%, or 46.07 points, at the level of 3587.68 points, to record the highest level since May 2017, with transactions worth 848.91 million dirhams.

The market value of the Dubai Financial Market rose from 435.35 billion dirhams to 439.38 billion dirhams, as the market gained 4.034 billion dirhams.

Today's session witnessed an increase in the shares of 16 companies out of the 29 companies that were traded, while the shares of 11 companies declined, and 2 remained stable.

The share of Emaar Properties rose by 1.65% and the "Dubai Financial Market" share rose by 0.35% to 2.85 dirhams, and transactions approached 58.96 million shares, and the Dubai Islamic share increased 0.48%, and the Emirates NBD share rose 1.37%.

Emirates Refreshments rose by 11.3%, Air Arabia by 8.98% and Gulf Navigation by 4.86%.

While the "Al Salam Bank" share decreased by 7.36% at 1.51 dirhams, with transactions exceeding 33 thousand shares.

Aman shares declined by 0.98% and Amanat Holding shares fell by 0.9%, amounting to 1.09 dirhams, with a circulation of 817.68 thousand shares.

The most heavily traded stock was "Deyaar Development", which closed up by 3.19%, amounting to 0.485 dirhams, with a turnover of nearly 144.03 million shares.

On the other hand, the Abu Dhabi Stock Exchange index rose today's session by 0.70% at the level of 10166.6 points, to record the highest level in its history, with transactions worth 1.9 billion dirhams.

The market value rose by 34.8 billion dirhams to one trillion and 856 billion dirhams.

The "Aldar Properties" share closed 3.4% higher at 5.17 dirhams, with transactions close to 357.61 million dirhams, after the announcement of a new project in Abu Dhabi, with a value of 2 billion dirhams, and the "First Abu Dhabi" share rose 0.17% at 23.9 dirhams, with transactions close to 355.86 million dirhams.

The "International Holding" share rose 2.58% at 199 dirhams, with transactions exceeding 342.55 million dirhams, while the "Vertiglobe" share closed down by 2.04%, reaching a price of 5.75 dirhams, and transactions exceeded 90.29 million dirhams.

 For his part, the Vice President of Investment Research and Strategies at Kamco Invest, Raed Diab, said that the positive sentiment is still hanging over the general performance of the UAE markets, despite the decline in global markets in early trading, pending several US economic data, including inflation levels, in addition to The continuation of the military conflict between Russia and Ukraine and its impact on global economic growth.

He pointed out that, on the other hand, global oil prices fell in light of plans to release 60 million barrels of strategic reserves from the member states of the International Energy Agency, coinciding with 180 million barrels from the United States over a period of six months, in addition to that, prices were also affected by the continued closures. In some Chinese regions and fears about a decline in demand in the coming period.

Standard heights 

The Director of Al Ansari Financial Services Company, Abdul Qader Shaath, said that, according to what happened during the past week, the Abu Dhabi Securities Market is still achieving record heights in the index, and the liquidity level is close to 2 billion dirhams, explaining that Aldar Properties’ shares witnessed historical rises, which witnessed brilliance since the week The past, that the real estate sector is a little high, and the banking sector is witnessing a noticeable improvement. 

Shaath added that the telecommunications sector was at the same closing levels as last week, and that the level of liquidity increased by 10% compared to last week's rates, pointing out that the energy sector, specifically Taqa, which closed at the maximum 15%, pointing out that the Dubai Financial Market rose Its liquidity level is more than 40% compared to last week, as it recorded today the level of 800 million dirhams, led by Emaar Properties, which accounted for nearly 50% of trading volumes, and that investors' appetite is clear towards Emaar Properties. 

"Shaath" indicated that the Dubai Financial Market's share returned to levels above 2.9 dirhams, and closed at 2.85 dirhams, explaining that the one who achieved record levels this week is represented by Air Arabia, which touched levels of 2 dirhams, closing at 1.94 dirhams. 

He stressed that the market is witnessing purchases on all types of shares, and there is a successive appetite for most shares, and strong historical heights are achieved, and at record levels, and the UAE stock is still achieving the 12% level for the fourth time in a row.

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