“Dubai Financial” continues its gains… and profits 7 billion dirhams

The Dubai Financial Market continued its gains last week, for the second week in a row, as the market index rose by 1.09%, or the equivalent of 64.56 points, to close weekly trading at 5,982.16 points.

The market capitalization of Dubai Financial rose to 1.015 trillion dirhams at the end of the week’s session yesterday, compared to 1.008 trillion dirhams at the end of the previous week’s trading, with gains amounting to about 7 billion dirhams.

The market performance during last week’s transactions was supported by the growth of the industrial sector shares by 3.24%, the banks by 0.95%, and the services and utilities sector by 1.01%.

“Dubai Refreshments” stock jumped by 13.64% to top the list of stocks with the highest rise, followed by “Taleem Holding” by 9.27%, “Mazaya” stock rose by about 6.97%, and “Dubai Investments” stock grew by about 6.82%, and “Takaful Emarat” shares rose by 6.62%, “Agility” by about 5.71%, and “Gulf Navigation” by about 5.58%.

During last week’s trading, shares listed on the Dubai market attracted liquidity exceeding 2.5 billion dirhams, after trading about one billion shares and executing 57.74 thousand transactions.

For its part, the Abu Dhabi Securities Market ended last week’s trading, rising by 0.41%, to close at 10,113.91 points.

Market capitalization rose to about 3.131 trillion dirhams at the end of last week’s session, compared to 3.111 trillion dirhams at the end of the previous week’s trading, with gains of 19.96 billion dirhams.

During last week’s transactions, shares listed on the Abu Dhabi Securities Market attracted liquidity exceeding 7.16 billion dirhams, after trading about 1.86 billion shares and executing 116.59 thousand transactions.

“Eram Group” shares topped the list of stocks with a growth rate of 23%, followed by “Umm Al Quwain General Investments” by 12.86%, “Brissite” shares rose by about 9.79%, “Bank of Umm Al Quwain” shares grew by about 7.41%, and “Abu Dhabi Ports” shares rose by 6.02%, “Dana Gas” by about 5.44%, and “The Bank of Umm Al Quwain” increased by about 7.41%. MDC Energy” by 4.8%.

Commenting, Wael Mahdi, trading director at Daman Securities Company, said that the Dubai and Abu Dhabi financial markets began October trading with noticeable positive momentum, despite global challenges, such as the government closure in the United States, interest rate fluctuations, and geopolitical tensions.

Mahdi added to Emirates Today that the two markets were able to restore important technical levels, supported by investor optimism regarding the expected financial results for the third quarter, especially the main sectors, such as: real estate, banks, and energy.

He pointed out that the markets are currently witnessing positive movements, whether at the level of leading or subsidiary stocks, as investors seek to build financial positions as the end of the year approaches, with the aim of benefiting from the annual cash distributions.

He stated that most companies continue to follow attractive cash distribution policies compared to current price levels, which constitutes a major attraction factor for investors, whether individuals or institutions, locally and internationally, expecting the continued positive performance of the UAE markets during the coming period.

In turn, the co-founder and CEO of Sky Links «Capital» Group, Daniel Takieddine, confirmed that the gains achieved by the Dubai Financial Market for the second week in a row were supported by investor optimism regarding the start of the third-quarter earnings announcement season for listed companies.

He pointed out that the results of the companies listed in the main sectors in both markets will be the main catalyst to support the upward path, which will keep the general sentiment of investors positive, based on the strong fundamentals of the two markets and the expected growth potential in the second half of this year.