Local stocks win 5.6 billion dirhams

Dubai Financial Market to the highest level in two months

The Dubai index rose by 0.7% to close at 3357.53 points.


The local stock markets consolidated their gains at the close of trading yesterday, and their market capitalization gained about 5.6 billion dirhams, with the Dubai market index rising to its highest level in nearly two months.

The market capital of listed shares rose from 3.225 trillion dirhams at the end of the session the day before yesterday, to 3.231 trillion dirhams at the end of yesterday's session, distributed by 2.645 trillion dirhams for the shares listed on the Abu Dhabi Stock Exchange, and 586 billion dirhams for the shares listed on the Dubai Financial Market.

Local stocks attracted liquidity of about 1.89 billion dirhams, distributed by 1.56 billion dirhams in the Abu Dhabi market, and 325.5 million dirhams in the Dubai market, and about 384.7 million shares were traded, through the implementation of about 22.4 thousand deals.

The Abu Dhabi market index, “Vadex 15”, increased by 0.04%, to close at 10,218.44 points, while the “FTSE” index, the Abu Dhabi General Market, “Fadji”, increased by 0.09%, to close at 10,273.21 points. The two indices recorded their highest levels in two weeks since the fourth of January.

The Dubai General Market Index increased by 0.7%, equivalent to 23.6 points, with market gains that exceeded 5.4 billion dirhams, to close at 3357.53 points, achieving its highest level in two months, since mid-November.

The performance of the Abu Dhabi market was enhanced by the rise of “First Abu Dhabi” by 0.37%, “Yahsat” by 1.56%, “Al-Dar” by 0.68%, “Alfa Abu Dhabi” by 0.46%, “A&” by 0.24%, and “Agthia” by 3.8%. and “Americana” 2.37%.

“Al-Alamiya Holding” topped the activity, attracting more than 345.6 million dirhams, and closed up by 0.02%, then “Alpha Abu Dhabi” attracting 173.8 million dirhams, and “VertiGlobe” 100.2 million dirhams.

The rise of the Dubai market was reinforced by the rise of “Dewa” by 3.4%, “Empower” by 4.9%, “Dubai Islamic” by 0.17%, “Emaar Properties” by 0.17%, “Emaar Development” by 0.9%, and “Tecom” by 4.95%. And “Dubai Financial Market” 1.35%, “Aramex” 0.56%, “Dubai Investments” 0.45%, and “Salik” 2.23%.

"Emaar Properties" topped the activity, attracting about 69.8 million dirhams, followed by "Empower" with a liquidity of 61.5 million dirhams, and "Emirates National Dubai" with 33.8 million dirhams.

“The local stock market indices are still rising on an annual basis so far, in line with oil prices and global stocks, as it boosted hopes for demand growth in China, the largest importer of oil,” said Devesh Mamtani, head of investment management and advisory services at Century Financial. , Investor sentiment and the slowing trend of inflation in the United States, which eased fears of raising interest rates.

It is likely that Dubai's economy, in particular, will benefit from the increase in the number of Chinese tourists.

And the hospitality and real estate sectors are preparing to benefit more from the increasing number of Chinese tourists.

He expected that the increase in IPOs in the Gulf financial markets in general and the UAE in particular would continue in 2023.

For his part, stock expert Mahmoud Atta explained, “The good performance of stocks in Dubai and Abu Dhabi comes thanks to a variety of factors, such as: strong economic fundamentals, better valuation, logical value propositions, access to liquidity on multiple exchanges, and a shift in investor views.” the internationals.”

He stressed that there are a large number of motivating factors that contribute to the good performance of the local financial market indicators, as a result of the strong performance of the economy and the high flows of oil revenues to the economies of the Gulf Cooperation Council countries.

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