Saturday, April 13, 2024

At the end of today’s session, the UAE stock gained 24 billion dirhams


Following the Federal Reserve’s decision to raise interest rates by 75 points last week, the United Arab Emirates’ financial markets rose at the end of today’s session, following a slump seen during previous sessions due to global pressures and a slump in regional and global financial markets.

The Abu Dhabi market was able to rise again above 9,400 points, while the Dubai market recorded the highest rise since the beginning of this June, amid a market profit of 24 billion dirhams in both markets.

For his part, Aaron Leslie John, analyst at Century Financial, said the UAE financial markets were able to return to the positive green zone with the support of real estate, telecommunications and banking stocks in the Abu Dhabi market. Estate, banking and utility stocks in the Dubai market.

John noted that Abu Dhabi National Energy Company (TAQA) and ADNOC have signed bond agreements to purchase shares of Abu Dhabi Future Energy Company (Mastar) from Mubatala. Energy and green hydrogen efforts in the region.

Abu Dhabi Market

The Abu Dhabi Market Index rose 1.34% to 9417 points at the end of today’s session, rising again to 9400 points after a decline in the last three sessions.

The value of trading in the Abu Dhabi market reached 1.31 billion dirhams, while the trading volume was 171.17 million shares.

Abu Dhabi shares rose 1.17% and Global Holding gained 0.04% from market performance.

Abu Dhabi shares rose 0.32%, and Aldar Real Estate rose 2.64%, while Multiplay Group fell 0.55%, and Borouge rose 0.34%.

ADNOC distribution rose 1.74% and Telecom Group 3.95%.

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Global Holding shares topped the list with 380.132 million dirhams, followed by Abu Dhabi with 240.48 million dirhams, followed by 116.172 million dirhams and multiplayer shares. 47.39 million shares traded.

Sudatel shares lifted the Abu Dhabi market by 13.33%, while IDC Bills topped the market with a decline of 8.76%.

Among banking stocks, Ras Al Khaimah Bank was down 6.44%, while Abu Dhabi Business was up 2.8% and Sharjah Islami was up 1.75%.

Foreigners sought to buy 134.8 million dirhams in the Abu Dhabi market and a net of 9.26 million dirhams and 9.29 million dirhams, respectively, for Arabs and Gulf residents. Instead, Emiratis tended to sell net. 154.2 million dirhams.

At the end of today’s session, the Abu Dhabi market recorded a market value of about 1.9806 trillion dirhams, compared to about 1.962 trillion dirhams, a profit of 18.6 billion dirhams.

Dubai Market

The Dubai Financial Market Index rose 1.68% (highest since June 1) to close at 3264 points, with 20 stocks gaining at the end of today’s session.

The stock traded at 222.9 million dirhams with a trading volume of 85.733 million shares with 3.9 thousand transactions in the Dubai financial market during today’s trading.

The performance of the market coincided with a rise of 1.87% in the banking sector index, while the real estate sector index rose by 2.27% and the investment sector index by 2.14%.

Emar Properties gained 2.12%, Emar Development 2.58%, Union Properties 4.09% and Theor Development 3.24% in the Dubai market.

The banking sector’s performance was in line with Dubai Islami’s 2.3% rise, while the Emirates NBD was up 1.88%.

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Market Performance The Dubai market share rose 2.85%, while DEWA stock stabilized.

Shares of Tabreet led the Dubai market with approximately 4.83%, while shares of Emirates Refresh fell 7.71%.

Emaar shares topped the stock with 67.480 million dirhams, followed by Dubai Islamic stock with about 36.73 million shares, while Union Properties issued shares with a trading volume of 19.91 million shares.

During today’s trading, the price of 20 shares rose, the price of two shares fell and two shares were stable.

In addition, foreigners sought to sell 19.35 million dirhams net in Dubai and 3.39 million dirhams net for Arabs, while Gulf nationals bought 20.64 million dirhams net and locals net 2.11 million dirhams.

At the end of today’s session, the market value of the Dubai market stood at about 534.566 billion dirhams, compared to 529.078 billion dirhams at the end of yesterday’s session.

Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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