June 2, 2023

Dubai Week

Complete Dubai News World

Local stocks gained Dh105 billion in April

Market gains for local stocks rose to 216 billion dirhams from the start of the year, as of the close of trading today on Friday, the “last transactions of April”, supported by selective buying, coincided with the announcement of strong business results in addition to an increase in futures, offers and listings of major listed companies amid rising investor confidence.

The market capitalization of shares increased from 3.206 trillion dirhams at the end of December 2022 to 3.422 trillion dirhams at the end of last April, with 2.8 trillion dirhams distributed to the Abu Dhabi Stock Exchange and 622.23 billion dirhams to the Dubai Financial Market.

In April this year, the market value of local stocks increased from Dh3.317 trillion at the end of last March to Dh3.422 trillion, recording an estimated market gain of Dh105 billion.

In daily trade at the end of Friday’s session, the Abu Dhabi market index rose 0.39% today, with transactions totaling 1.36 billion dirhams, ADNOC Gas rose 0.3%, Boroq Petrochemicals rose 1.2% and Abu Dhabi Ports rose 4.3%.

In the same trades, the Dubai market index rose 0.82% to a total of 415.83 million dirhams, shares of Emaar Properties rose 0.3%, shares of Dubai Islamic Bank gained 2.9%. Shares of Dubai Financial Market rose 0.7%, shares of Air Arabia rose 0.5%, and shares of Emaar Development gained 0.5%.

During the weekly trade, the Dubai Financial Market Index rose by around 74 points to 2.1% and the Abu Dhabi Securities Market Index gained 1.6%.

Market value of local markets was boosted by new listings contributed by “ADNOC Gas”, “Brisete” for artificial intelligence solutions, “Al Ansari Financial Services” and “MBME” as the first fintech company. It increases the depth of markets and improves its investment attractiveness by attracting a new segment of investors.

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From the end of last March to the end of April 2023, the Dubai Financial Market Index rose 4.05% to close at 3,544.79 points compared to 3,406.72 points. 9,430.25 points.