Friday, April 19, 2024

34 billion share profit with corporate overseas buyback


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Local stock exchanges consolidated their gains in trading over the past week, and their market capitalization reached 34 billion dirhams, with strong buying support from foreigners and firms to gain opportunities in the light of attracting attractive prices and sentiment, especially for shares of the Dubai Electricity and Water Authority (DEWA) at the start of the subscription.

The shares attracted about 9.15 billion dirhams, including 7.62 billion dirhams in Abu Dhabi and 1.53 billion dirhams in Dubai. 1.76 billion shares, including 1.15 billion shares, were traded in Abu Dhabi.

The Dubai market was up 1.85% at 3412.18 points, while the Abu Dhabi market was up 1.7% at 9768 points during the week.

Investment companies are looking to buy with a net investment of 400 million dirhams, of which 138.5 million dirhams were in Dubai and 260.8 million dirhams in Abu Dhabi.

The Dubai market was supported by a 2.1% increase in the banking sector, while the real estate sector was up 2.14%.

The investment sector grew by 3.37% after 4.4% growth in “Dubai Investments”.

The financial sector “First Abu Dhabi” rose 6.73% and “Multiple” 1.84% to rise in the capital market. With a net investment of 650.4 million dirhams, Arab and Gulf investors and citizens are moving towards monetization.

Rat Diab, Vice President, Investment Research and Strategy, Comco Invest, said: “The Abu Dhabi market is nearing an all-time high, while the UAE markets continued to be profitable, while the Dubai market ended in positive territory.

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Bill Dittman
Bill Dittman
"Freelance alcohol fan. Coffee maven. Musicaholic. Food junkie. Extreme web expert. Communicator."

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