9.5 billion gains lead the Dubai market to the highest weekly...

9.5 billion gains lead the Dubai market to the highest weekly...
9.5 billion gains lead the Dubai market to the highest weekly...

The local stock markets achieved strong gains in last week’s trading, with the market rising at the largest weekly pace in two years, gaining more than 9.5 billion dirhams, supported by a number of stimuli, foremost of which is the inclusion of 7 UAE shares on the FTSE Russell global indices.

The Dubai market rose 2.17%, to its highest level in two years, 2,900 points, supported by a collective rise of sectoral indices, led by real estate and banks, while the Abu Dhabi market increased 0.06%, to 7,625 points, supported by the gains of banking, energy, industry and services shares.

The shares attracted weekly liquidity of about 8.8 billion dirhams, including 7.65 billion in Abu Dhabi and 1.15 billion in Dubai, and 3 billion shares were traded, distributed by 1.84 billion in Abu Dhabi and 1.27 billion in Dubai, through the implementation of 47.35 thousand deals.

Raed Diab, Vice President of Investment Research and Strategies at KAMCO Invest, said, “The Dubai market continued its strong performance and increased its gains in last week’s trading, while the upward momentum of the Abu Dhabi market declined, but it maintained the leading position globally in terms of performance since the beginning of this year.”

Diab attributed to the “economic statement”, the good performance of the local financial markets to the financial results of listed companies and banks for the second quarter of this year, which came better than expectations compared to the second quarter of last year, as UAE banks recorded the highest growth rate of 11.8%.

Raed Diab indicated that the state continues to take all preventive precautions to control the spread of the Corona virus “Covid 19” again, coinciding with the reopening of economic activities and access to community immunity.

In addition to the large government support and facilities provided to advance the economy, it will attract investors to the markets in the long term, indicating that the discrepancy in the market performance may continue, but there are no signs yet that suggest the end of the upward trend, but it is possible to see natural technical corrections and profit taking.

Dubai market

The rise of the Dubai market supported the rise of the banking sector by 2.1%, with the growth of “Dubai Islamic” by 1.6 percent and “Emirates NBD” by 2.96%, and the real estate sector rose by 2.3 percent, due to the rise of “Emaar Properties” 1.47% and “Emaar Development” 2.57% and “Emaar Development” 2.57% Emaar Malls 2.5%, Union Properties 13.6%, Deyaar 8.9%, while Damac stabilized.

The transportation sector rose 3.7%, after “Air Arabia” rose by 2.87%, “Aramex” 4.5% and “Gulf Navigation” 3.2%, while the investment sector grew 1.57%, benefiting from the rise of “Dubai Investments” by 2.2%, while “Shuaa Capital” decreased by 1.9 % and stabilized «Dubai Financial Market».

“Emaar Properties” topped the activity, attracting 266 million dirhams, then “Dubai Islamic” 206.3 million dirhams, followed by “Dubai Financial Market” 57 million dirhams, and “Emirates Refreshments” achieved the largest increase by 25%, followed by “Agility” 14.6%, then “Agility” 14.6%. Union Properties” 13.6%, while “Al-Firdous Holding” was the lowest, with 26.8%, followed by “Iktub” 4.25%, then “Takaful Al Emarat” 1.97%.

Gulf and foreign investors bought with a net investment of 147.8 million dirhams, of which 37.4 million dirhams for Gulf nationals and 110.4 million dirhams for foreigners.

Abu Dhabi market

The rise in the capital market supported the growth of the banking sector by 0.72%, with the rise of “First Abu Dhabi” by 1.07% and “Abu Dhabi Islamic” by 1.27%, while “Abu Dhabi Commercial” decreased by 1.47%, and the energy sector increased by about 4% after the rise of “ADNOC Distribution” by 0.22% and «Dana Gas» 12.68% and «TAQA» 2.42%.

The investment sector declined 0.47%, with “Alpha Abu Dhabi” down 2.28%, while “Waha Capital” increased 1.69%, “Eshraq” 8.39% and “International Holding” 0.14%, and the telecommunications sector decreased by 1.71%, with “Etisalat” share falling 1.82%, while “Yahsat” rose 1.92%, and the real estate sector declined 0.57%, with “Al Dar” declining 0.73%, while “Ras Al Khaimah Real Estate” increased 2.13%.

“International Holding” led the activity with a liquidity of 1.6 billion dirhams, followed by “First Abu Dhabi” 1.5 billion dirhams, then “Aldar Properties” 1.47 billion dirhams, and “ASG” achieved the largest increase by 42.6%, followed by “Ze Stores” 37.1%, then “Manazil” 24.1%, while 3 companies recorded the largest decrease of 10%, namely “National Takaful”, “Tijar International” and “Arid”.

Arab and foreign investors tended to buy with a net investment of 233.7 million dirhams, distributed by 3.8 million dirhams for Arabs and 229.9 million dirhams for foreigners.

institutional investment

Institutions tended to buy last week, with a net investment of 135.8 million dirhams, of which 108.54 million in Dubai and 27.27 million in Abu Dhabi, while individual investors tended to monetize, with a net investment of 135.8 million dirhams, distributed by 108.54 million in Dubai, and 27.27 million in Abu Dhabi.

Follow the economic statement via Google News
Follow the economic statement via Google News

Print
Email

Twitter
LinkedIn
Pin Interest
Whats App

These were the details of the news 9.5 billion gains lead the Dubai market to the highest weekly... for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

NEXT Emirates carried over 10m passengers this summer

Author Information

I am Joshua Kelly and I focus on breaking news stories and ensuring we (“Al-KhaleejToday.NET”) offer timely reporting on some of the most recent stories released through market wires about “Services” sector. I have formerly spent over 3 years as a trader in U.S. Stock Market and is now semi-stepped down. I work on a full time basis for Al-KhaleejToday.NET specializing in quicker moving active shares with a short term view on investment opportunities and trends. Address: 838 Emily Drive Hampton, SC 29924, USA Phone: (+1) 803-887-5567 Email: [email protected]