UAE Stock Markets in both the Dubai and Abu Dhabi rose yesterday.
This was on the first trading day of the week, buoyed by gains in consumer goods, industrial, financial, and telecommunications sectors.
The combined market capitalization of stocks listed on the Dubai and Abu Dhabi exchanges reached roughly 3.655 trillion dirhams at the close of trading yesterday.
With 2.956 trillion dirhams for stocks listed on the Abu Dhabi Securities Exchange.
In addition to 699.04 billion dirhams for those listed on Dubai Financial Market.
Local equities attracted over 1.37 billion dirhams in liquidity yesterday, with 1.01 billion dirhams traded on the Abu Dhabi exchange and 355.36 million dirhams on the Dubai exchange.
Approximately 304.8 million shares were traded across 20,200 deals.
Dubai Market:
- Dubai Financial Market index held above 4080 points yesterday, closing at 4081.24 points, down marginally by 0.01%.
- Emirates NBD led trading activity in the Dubai market.
By attracting liquidity of nearly 70.9 million dirhams, representing 20% of the market’s total 355.36 million dirhams. - Dubai Taxi Corp. shares jumped 4% to 2.32 dirhams, reaching their highest price since listing, with liquidity exceeding 42 million dirhams.
The stock had touched a high of 2.38 dirhams during the session. - National Investments Holding PJSC rose to the maximum limit of 1.66 dirhams, leading gains for 17 stocks in the market.
Mashreq Bank shares gained 3%, Salik rose 2.3%, and Amlak Finance climbed over 2%. - Non-Arab foreign investors were net buyers in the Dubai market yesterday, with net investments of 21.3 million dirhams, after making purchases worth 132.2 million dirhams and selling shares for 110.9 million dirhams.
Abu Dhabi Market:
- The FTSE Abu Dhabi General Index (FADX) closed at 9680.45 points, down 0.33% in yesterday’s session.
- Almal Capital Holding led activity in the Abu Dhabi market.
By capturing the largest share of total trading at approximately 206.6 million dirhams.
Alpha Dhabi Holding followed, attracting 84.6 million dirhams, and Multiply Group saw 69.3 million dirhams in liquidity, closing at 3.12 dirhams. - Fujairah Cement Industries shares gained 6.6%, Commercial Bank International rose 5%, Americana Restaurants advanced 4.5%, and National Hotels PJSC climbed 3.3%.
Reasons for the Rise in UAE Stock Markets:
Local stocks rose yesterday for several reasons, including:
- Higher crude oil prices, which benefit energy and industrial sectors in the region.
- Expectations for strong economic growth in the UAE this year.
- Continued inflow of foreign investments into Gulf markets.
The Department of Culture and Tourism #Abu_Dhabi announces new archaeological discoveries in the emirate. This came as a result of the ongoing excavations conducted by the department during the archaeological excavation season 2023-2024. pic.twitter.com/JX12DFnDNC
— UAE Voice (@uae_voiceeng) January 22, 2024
Analysts expect UAE Stock Markets to continue rising in the near future, driven by positive factors such as:
- Sustained crude oil price increases.
- Strong economic growth expectations in the region.
- Ongoing foreign investment inflows into Gulf markets.
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