Local stocks gain Dh110 billion since the beginning of September

Local stock markets added about AED 110 billion to their market capitalization during the 15 trading sessions since the beginning of September, supported by traders’ focus on leading stocks.

The market value of stocks rose from 3.531 trillion dirhams at the end of last August, to 3.641 trillion dirhams at the end of trading yesterday, distributed as follows: 2.894 trillion dirhams for the Abu Dhabi Securities Market, and 747 billion dirhams for the Dubai Financial Market.

At the level of indicators, the Dubai Financial Market General Index rose by nearly 2.56%, or 110.92 points, rising from 4325.45 points at the end of August to 4436.37 points at the end of Friday’s session, supported mainly by gains in banking and real estate stocks.

The Abu Dhabi Securities Exchange (ADX) index also rose by 1.63%, or 153.58 points, from 9,284.93 points at the end of last August, to about 9,438.51 points at the end of yesterday’s session.

On a weekly basis, the Dubai Financial Market General Index rose by 56 points, equivalent to 1.3%, while the Abu Dhabi Financial Market General Index (FADGI) rose by 88 points, equivalent to 0.9%.

On a daily level, the Dubai Financial Market Index ended yesterday’s trading up by 0.336%, with a value of AED 699.35 million, with 19 stocks rising, 20 stocks falling, and five stocks remaining stable. Meanwhile, the Abu Dhabi Financial Market Index ended daily trading down by 0.7%, with liquidity reaching AED 2.06 billion, with 46 stocks rising, 20 stocks falling, and 13 stocks remaining stable.

In addition, net foreign investments in the Dubai Financial Market amounted to about 161.76 million dirhams since the beginning of September, after recording total purchases worth 2.524 billion dirhams, and total sales worth 2.362 billion dirhams, while the value of citizens’ stock sales amounted to about 2.9 billion dirhams, compared to purchases worth 2.74 billion dirhams.

Institutions also tended to buy at a value of about 2.708 billion dirhams, compared to sales worth 2.523 billion dirhams, while the value of individual sales amounted to 1.8 billion dirhams, compared to purchases of shares worth 1.63 billion dirhams.

Financial analyst Mahmoud Atta said that local financial markets are still attracting more investors, especially amid a trend towards lowering interest rates, which will encourage indicators to record more gains amid the presence of profit multiples for most stocks at good levels.

He expected the positive performance of the Dubai Financial Market to continue until the end of the year, in light of the increasing expectations that most listed companies will record growth in the third and fourth quarters of this year, in addition to the continued momentum of initial public offerings.

5.77 billion dirhams big deals

Local stock markets witnessed the execution of 26 major deals, worth more than AED 5.77 billion, on 526.95 million shares since the beginning of trading this month until the end of trading yesterday. According to a monitoring by “Emarat Al Youm” based on data from local financial markets, the Abu Dhabi Securities Exchange acquired about 97.5% of the value of deals executed since the beginning of September until now, as these deals were distributed as one deal on about 484.86 million shares, worth AED 5.63 billion. The Dubai Financial Market’s share of these major deals during the monitoring period was about 2.5%, with six deals executed on 42.1 million shares, worth AED 147.57 million.