May 30, 2023

Dubai Week

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Emirates News Agency - Local stocks gained Dh72 billion in second week of August

Emirates News Agency – Local stocks gained Dh72 billion in second week of August

– 392.3 million dirhams, net foreign investment purchase income.

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ABU DHABI, August 12 / WAM / Local stock markets posted a profit of more than Dh72 billion at the end of trading in the second week of August, while listed companies continued to positively correlate with announcements of strong profits in the first half. Year.

The market capitalization of listed stocks rose from 2.63 trillion dirhams at the end of last Friday’s session to 2.703 trillion dirhams at the end of today’s session, with 2.136 trillion dirhams distributed to listed stocks and 566.8 billion dirhams to shares on the Abu Dhabi Stock Exchange. Listed on the Dubai Financial Market.

Local stocks attracted more than 9.13 billion dirhams in liquidity during the week, with 7.58 billion dirhams distributed in the Abu Dhabi market and 1.55 billion dirhams in the Dubai market. About 2.083 billion shares were traded in over 81.6 thousand transactions.

Non-Arab foreign investors pumped in net purchases of around 392.3 million dirhams in both markets for the week, including net buying of 264.36 million dirhams in the Abu Dhabi market and 127.9 million dirhams in the Dubai market. The two markets were worth 1.748 billion dirhams compared to sales of about 1.35 billion dirhams.

Abu Dhabi Market.

The Abu Dhabi market index “FADEX 15” rose 3.6% or equivalent to 357.6 points for the week to end at 10,286.76 points, after reaching 10,356.38 points during yesterday’s session, reaching the highest level in its history.

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The rise in the Abu Dhabi market underpinned strong gains with the Basic Materials Index 3.34%, Energy Index 6.32%, Financials Index 4.98%, Real Estate Index 1.82% and Services Index 1.59%. %

Shares in ADNOC Distribution rose 12.96% after the company announced earlier in the week that it achieved a net profit of 1.56 billion dirhams for the first half of the year.1.8 billion dirhams for its 50% stake in Galeon Energy in Turkey.

Banking stocks rose with “First Abu Dhabi” up 4.7%, “Abu Dhabi Commercial Bank” up 4.29%, “Abu Dhabi Islamic” up 3.03% and “Sharjah Islamic” up 2.2%. Shares in the Basic Materials sector also rose after “Vertiglobe” rose 4.02% and “Borouge” rose 2.71%. Real estate stocks rose 1.04% led by “Al Dar”.

Dubai market.

The general index of the Dubai Financial Market rose 2.35% on the week, or 77.9 points, to end at 3395.01 points, its highest level in more than two months since last June 8, supported by growth in the banking sector index. 2.22%, investment 5.3% and real estate 3.4%.

Banking stocks rose in the Dubai market, with “Emirates NBD” up 2.58% and “Dubai Islamic” up 2.59%, while in the investment sector “Dubai Investments” gained 6.89% and “Dubai Financial Market” gained 3.53%. . Real estate stocks were active after “Emaar Properties” rose 3.7% and “Emaar Development” rose 1.82%, while “TECOM” remained unchanged.

Shares of Dubai Electricity and Water Authority “DEWA” increased by 1.6 percent, the authority reported, which reached 12.08 billion dirhams and a net profit of about 3.3 billion dirhams in the first half of this year.

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WAM/ Rami Sami/ Reda Abdel Noor