6 sectors support Dubai Financial with weekly gains exceeding 38 billion dirhams

The Dubai Financial Market closed trading last week, rising by 4.2%, or the equivalent of 230.3 points, at 5715.47 points, supported by an increase in six sectors led by industry, real estate and banks.

The market capitalization of Dubai Financial rose to 948.874 billion dirhams at the end of the week’s session yesterday, compared to 910.789 billion dirhams at the end of the previous week’s trading, with gains amounting to about 38.08 billion dirhams.

The market performance was supported by the rise of six sectors, led by the industrial sector by 8.66%, real estate by 3.84%, in addition to the rise in the banking sector by 3.67%, public utilities by 1.83%, luxury consumer goods by 3.12%, and basic consumer goods by 0.77%.

Shares listed on the Dubai Financial Market attracted liquidity exceeding 5.97 billion dirhams, after trading about 1.63 billion shares and executing 106,858 transactions.

The real estate sector accounted for about 55.78% of the total market liquidity, as trades in shares of listed real estate companies amounted to about 3.33 billion dirhams in a week, and “Emaar Properties” accounted for the largest share, with trades in the company’s shares amounting to about 2.88 billion dirhams during last week’s transactions.

As for the banking sector, its share was 18.26% of the total market liquidity, amounting to 1.09 billion dirhams, while trading in shares of companies listed in the industrial sector amounted to about 707.13 million dirhams.

During last week’s transactions, national investors in the Dubai market tended to buy with a net investment of about 853.87 million dirhams, after recording purchases worth 3.42 billion dirhams, compared to sales worth 2.56 billion dirhams. For its part, the Abu Dhabi Securities Market ended last week’s trading, rising by 2.48% to close at 9838.39 points.

Market capitalization rose to about 2.831 trillion dirhams at the end of last week’s session, compared to 2.771 trillion dirhams at the end of the previous week’s trading, with gains amounting to about 60.22 billion dirhams.

During last week’s transactions, shares listed on the Abu Dhabi Securities Market attracted liquidity exceeding 6.13 billion dirhams, after trading about 1.85 billion shares and executing 133,797 transactions.

In response, a member of the National Advisory Council at the Chartered Institute for Securities and Investment, Wadah Al-Taha, said that many stocks in both the Dubai Financial and Abu Dhabi Securities markets are now trading at attractive profit multiples, compared to current dividends, which has contributed to strengthening the positive technical signals and the emergence of clear purchasing opportunities during the recent period.

Al-Taha added to Emirates Today that the UAE financial markets recorded a rapid rebound after the announcement of calm in the Middle East region, pointing out that the previous declines occurred with limited trading volumes, stressing that the speed of the rebound is due to weak selling pressures in the first place compared to historical averages.