A monitoring conducted by Emirates Today, based on data from the Dubai Financial Market, showed that the market achieved the best performance among the GCC stock exchanges during the first 11 months of the current year 2024, supported by listed companies’ disclosures of strong quarterly business results, in addition to… To the initial offerings that were implemented, and succeeded in attracting international investors.
According to monitoring, the Dubai Financial Market Index rose by 19.4%, equivalent to 787.54 points during the monitoring period, jumping from the level of 4059.8 points at the end of last December, reaching the level of 4847.34 points at the end of yesterday’s session (Friday), the last session of this month of November, to continue. Thus, reaching the highest level since October 2014, that is, in approximately 10 years.
Thus, the Dubai Financial Index topped the Gulf financial market indices, which witnessed variation in performance during that period.
Monitoring also showed that the market capitalization of shares listed on the Dubai Financial Market rose by about 111.21 billion dirhams from the level of 687.5 billion dirhams at the end of last December’s trading, to 798.71 billion dirhams at the end of yesterday’s session.
During that period of this year, foreign investors tended to purchase with a net investment of 1.81 billion dirhams, after achieving purchases worth 45.79 billion dirhams, compared to sales of about 43.98 billion dirhams.
In addition, financial advisor Mahmoud Atta explained, “The factors that made the Dubai Financial Market lead gains in the region from the beginning of the year until the end of yesterday’s trading are the remarkable activity of non-oil sectors such as real estate and other services, in addition to the return on investment in the market reaching a high rate exceeding 7%.” %”, indicating that there is an observed increase in the desire of foreigners to invest in the emirate, including the stock market.
He pointed out that the strong economic indicators announced by the emirate according to the latest budget will be one of the main reasons for increasing the profits of listed companies during the next five years, and will therefore be a reason for increasing distributions and returns to shareholders and investors.
He explained that one of the factors that enhanced the gains of the Dubai Financial Market and made it top the list of gains in the Gulf region was the continued improvement in the financial results of companies listed on the market, especially in the banking and real estate sectors.
He added that Dubai is a center for many innovations in light of government support, especially with regard to laws that motivate and attract global investors.
For his part, Niall Al-Jawabra, chief market strategist at VT Markets, said that the Dubai Financial Market was able to reap new billion-dollar gains in light of its success in attracting more local and foreign investors amid listed companies approving the largest cash dividends among the region’s markets, pointing out One of the reasons that prompted these gains was the increased promotion of stocks listed on emerging market indices, such as FTSE Russell and MSCE (formerly Morgan Stanley).
He explained that one of the reasons for strengthening the position of the Dubai market in the Gulf since the beginning of the year is the strong financial results of the leading companies and the expectations of achieving further growth in them and their disclosure during the third quarter of this year.
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