In the first week of 2023

The market value of local shares rises to 3.22 trillion dirhams

Trading liquidity exceeded 1.14 billion dirhams in the last sessions of the week.

Photography: Ashok Verma

The market value of local stocks increased, at the end of the first week of 2023, to reach about 3.217 trillion dirhams from 3.206 trillion dirhams, distributed by 2.640 trillion for the Abu Dhabi Stock Exchange, and 577.319 billion dirhams for the Dubai Financial Market.

During the week, the Abu Dhabi market index declined slightly by 0.6%, equivalent to 58 points, reaching 10130.21 points, while the Dubai market index declined by 1%, closing at 3302.44 points.

At the end of yesterday's trading, trading liquidity in local shares exceeded 1.14 billion dirhams, with a trading volume of 202.97 million shares, through the implementation of 11,528 thousand deals.

The Abu Dhabi Securities Market index fell 0.7%, after transactions amounting to a total value of one billion dirhams.

The "Multiplay" share was the most heavily traded, rising by 0.4% at 4.79 dirhams, with transactions of about 27 million shares.

The Dubai Financial Market index also declined by 0.4%, with transactions amounting to a total value of 103 million dirhams.

Raed Diab, Vice President of Research and Investment Strategies at Kamco Invest, said that it is clear that there is caution dominating investors' dealings, as the Abu Dhabi market index is moving away somewhat from the peak level recorded last year at 10,671 points, indicating that the Dubai market index continued to swing. within a narrow range over the past few weeks.

He added that despite the strong fundamentals of the UAE financial markets, the uncertainty surrounding global economic growth and fears about recession and the continuation of the monetary tightening policy by the US Federal Reserve to reduce high inflation rates still dominate the global investment climate, in addition to the decline in oil prices at the beginning. the new Year.

Diab expected that the state of anticipation will continue, while the financial results of the listed companies for the year 2022 may support the markets during the coming period.

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