Government stimulus drives markets to record levels

D + My. S – Normal size

The government stimulus pushed local markets to historic levels during last week’s trade.

The Dubai Financial Market made record gains after its market capitalization reached nearly 25 billion dirhams, driven by a number of government decisions, including the market addition of 10 government and semi-government companies and the establishment of valuable funds. Two billion dirhams as a market maker, and the Abu Dhabi market soared with the launch of a derivative market finance.

The Dubai Market Index rose 8.6% for the week, the biggest weekly high since January 2016 or almost 6 years ago, ending at 3,107.67 points, the highest weekly high since March 2018, and the fourth consecutive gain. Week with growth in banking, real estate, investment and insurance stocks. Transport, Communications and Services.

The Abu Dhabi market rose 1.81% to close at 8014.89 points, the highest in its history, driven by gains in banking, real estate, telecommunications, insurance and energy stocks with market gains of 4.4 billion dirhams.

The shares attracted strong cash flow during the week, with 8.5 billion dirhams distributed in the Abu Dhabi market and 5.5 billion dirhams in the Dubai market, and 6.1 billion shares traded in Dubai, including 4.05 billion dirhams. 2.05 billion shares in Abu Dhabi. By executing 98.5 thousand transactions.

Upcoming listings

Rat Diab, vice-president of investment research and strategies at KAMCO Invest, told Al-Bayani that the UAE markets last week, especially the Dubai market, saw better performance after a series of government decisions that included 10 government and semi-government lists. Government agencies that will strongly and double the market value of the Dubai market.

See also  Saudi Arabia buys 237 tonnes of gold in 5 years

In addition to launching funds worth up to 2 billion dirhams as a market maker and another fund of 1 billion dirhams to encourage technology companies to list. These results will integrate Dubai’s position in the business and financial world, stimulate growth and further improvement.

He said the results contributed to levels not exceeding three and a half years as the Dubai index crossed 3,000 points.

In addition, the Abu Dhabi Index continued to record new historic levels and closed above the 8,000-point barrier, while this momentum is expected to continue in the coming months, which coincides with the increase in profits of listed companies and banks for the first nine months. This year, in addition to the rise in oil prices compared to the same period last year.

Dubai Market

The rise in the Dubai market was supported by 2.36% growth in the banking sector, with the Dubai Dubai Islamic growing by 4.3%, the Emirates NBD by 0.7% and the GFH by 30.17%, while the real estate sector grew by 17.2%. Emaar Properties grew by 18.95% and Emaar for Development by 6.41%, Emaar Malls by 16.5%, Union Properties by 36.88%, Deyaar by 19.5% and Damac by 12%.

The “Dubai financial market” grew by 55.88 per cent, “Dubai Investments” by 15.88 per cent and “Shua Capital” by 10.6 per cent. «Gulf Navigation» 14%.

“Emaar Properties” topped the list with 1.3 billion dirhams, followed by “DAMAC” 1.17 billion dirhams, then “Dubai Islamic” 444 million dirhams, followed by “Dubai Financial Market” 411.4 million dirhams, and shares. 55.9%, followed by “Union” real estate “36.8%, followed by” GFH “30.2%, while” Al-Firdous Holdings “was down 17.52%, followed by” Emirates Refreshments “5.36%, followed by” Dubai Commercial “1.22%.

See also  Gold continues to decline

Foreign investors sought to buy the Dubai market with a net investment of 486.7 million dirhams, while Arab and Gulf investors and citizens sought to cash in on a net investment of 486.7 million dirhams, with 70.23 million dirhams distributed to the Arabs. 323.34 million dirhams for Gulf nationals and 93.16 million dirhams for citizens.

Abu Dhabi Market

“First Abu Dhabi” grew by 3.03% and “Abu Dhabi Islami” by 0.68%, while the banking sector supported the rise of the capital market by 2.13%, while the “Abu Dhabi Commercial” fell by 1.45%. The real estate sector “Al Dhar” rose 6.93% and “Ras Al Khaimah Real Estate” rose 6.7%, up 3.01%. The telecommunications sector grew by 4.32% after “Etisalat” increased by 4.38% and “Yahsat” by 2.55%.

The energy sector grew by 2.04% after “ADNOC Drilling” was up 0.67% and “Dana Gas” was up 5.83%, while “TAQA” was down 1.61% and “ADNOC Distribution” was stable. The investment sector fell 0.66% after a 3.61% decline in Abu Dhabi, while Ezrak rose 13%, Waha Capital 1.16% and International Holdings 0.27%.

Aldar Properties topped the list with 1.65 billion dirhams, followed by “First Abu Dhabi” with 1.6 billion dirhams, then “International Holding” with 1.5 billion dirhams, and “Esraq” with the biggest increase of 13% per week. Al Quwain Investments was down 8.14%, followed by Al-Dhar at 6.93%, Al-Qudra Holdings at 16.27%, followed by Palm Sports at 14.7% and ASG at 13.7%.

Foreign and Arab investors sought to buy in the Abu Dhabi market, with a net investment of 243.57 million dirhams, 233 million dirhams distributed to foreigners and 10.5 million dirhams to Arabs.

See also  Google is accidentally sending money to some users... Are you one of them?

Last week, companies sought to buy with a net investment of 444.6 million dirhams, of which 392.8 million dirhams were purchased in Dubai and 51.8 million dirhams in Abu Dhabi, while private investors sought to cash in on a net investment of 444.6 million dirhams. 392.8 million dirhams in Dubai and 51.8 million dirhams in Abu Dhabi.

Print
Email




  • Nadia Barnett

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

    Related Posts

    • Economy
    • November 2, 2024
    • 102 views
    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    The wealth management landscape is undergoing a dramatic transformation, fueled by the rise of financial technology (fintech), according to fintech entrepreneur Emils Kerimovs. No longer exclusive to the ultra-wealthy, innovative…

    UAE Powering Gaming Boom in the Middle East

    The gaming industry in the Middle East is experiencing a growth spurt, with Saudi Arabia and the United Arab Emirates (UAE) among the countries attracting major investments. However, this digital…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Best HydraFacial Clinic in Dubai: The Magic of Radiant Skin

    Best HydraFacial Clinic in Dubai: The Magic of Radiant Skin

    Free Job Posting Sites in the UAE: Perfect for Both Job Seekers and Recruiters

    Free Job Posting Sites in the UAE: Perfect for Both Job Seekers and Recruiters

    Yaroslav Bogdanov: Google in Dubai announced the launch of an artificial intelligence initiative for MENA countries

    Yaroslav Bogdanov: Google in Dubai announced the launch of an artificial intelligence initiative for MENA countries

    How to Choose the Right Mattress: Find the Best Fit for You

    How to Choose the Right Mattress: Find the Best Fit for You

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    Forex Brokers Review: Is ITBFX A Safe Broker?

    Forex Brokers Review: Is ITBFX A Safe Broker?