Hussam Abdulnabi (Dubai)
The local stock markets achieved several gains yesterday, the most important of which was the improvement in investor sentiment in light of the improvement in the performance of global stock exchanges. The active leading stocks returned to the fore, supported by the rise of local financial indicators.
The total local stock markets traded amounted to 1.466 billion dirhams, after trading 246.21 million shares during 14,791 transactions.
The Abu Dhabi Securities Exchange index recorded a slight decrease of 0.36% to close at 9161.3 points, while the Dubai Financial Market index rose, supported by the rise of the “Emaar Properties” share, which topped the list of the most active stocks in terms of volume and value of trades, for the index to win 47 points and close at 3108.87 points, up by 1.53%.
Farah Murad, financial markets analyst at XTP Middle East, said: The UAE stock markets witnessed a somewhat recovery during the last trading day of the week, following the improvement in the performance of global stock exchanges.
She explained that despite the rise of indices, there are a number of factors that limit the launch of local markets, including the continuation of investors to deal with fears of recession and inflation expectations, and the direction of the monetary policy of the US Federal Reserve.
Murad indicated that oil prices have stabilized relatively after a volatile week, in light of traders’ fears swinging between the impact of recession and supply problems, as crude prices remained subject to new declines in general, but could recover in the short term.
According to Abu Dhabi Securities Exchange data, the total trading value amounted to 1.17 billion dirhams, after trading 142.36 million shares, during the implementation of 8,306 deals.
The list of active shares in terms of trading volume on the Abu Dhabi market topped the “Multiplay Group” with about 29.4 million shares, followed by “ADNOC Distribution” with a trading volume of 18.25 million shares, and then “First Abu Dhabi Bank” with about 12.65 million shares. The shares of “International Holdings” have achieved the highest trading value of 326.46 million dirhams, followed by “First Abu Dhabi Bank” with a value of 234.23 million dirhams, then “Alpha Abu Dhabi Holding” with a trade value of 104.72 million dirhams.
The total trading value on the Dubai Financial Market amounted to 296.74 million dirhams, after 103.85 million shares were dealt, through the implementation of 6485 transactions. The shares of 19 companies rose, while the shares of 6 companies declined, and only one company remained unchanged.
The list of the most active shares in terms of value was led by “Emaar Properties” with a value of 123.41 million dirhams, followed by “Dubai Islamic Bank” with a value of 32.39 million dirhams. Then «Emirates NBD» trading value of 31.63 million dirhams.
Shares of «Emaar Properties» came in the first place in the list of the most active in terms of trading volume with 24.58 million shares, followed by «Dubai Financial Market» with trading of 15.32 million shares, then «TECOM» with trading of 9.15 million shares.