Dubai Financial Market Index touches 4,400 points for the first time since November 2014

Local stock markets consolidated their gains at the end of yesterday’s session, with their market capitalization gaining more than AED 15 billion, amidst a focus on leading sectors. The Dubai Financial Market index touched the 4,400-point level for the first time since November 2014.

The market value of stocks rose from 3.579 trillion dirhams at the end of last Friday’s session, to about 3.594 trillion dirhams at the end of the first trading session of this week, distributed as follows: 2.857 trillion dirhams for the Abu Dhabi Securities Market, and about 736.886 billion dirhams for the Dubai Financial Market.

Local stocks attracted liquidity of about 1.434 billion dirhams, distributed as follows: 1.104 billion dirhams in the Abu Dhabi market, and 330.27 million dirhams in the Dubai market, after trading about 480.95 million shares through the execution of more than 30.49 thousand transactions.

Yesterday, the Dubai Financial Market succeeded in rising for the third consecutive session, as its general index rose by 0.34% to reach 4395.24 points, after touching 4400 points during trading, which is the highest level in more than 10 years, specifically since the end of November 2014.

The Abu Dhabi Securities Exchange General Index (ADX) also achieved a 0.42% increase during yesterday’s trading, reaching 9389.31 points.

The most traded stock on the Dubai Financial Market was Emaar Properties, which settled at AED 8.61, with trades of nearly AED 62 million, followed by Dubai Taxi, which jumped 7.5% to AED 2.58, with trades of AED 45.3 million. The most traded stock on the Abu Dhabi Securities Exchange was IBEX Investment, which jumped 10.6% to AED 3.24, with trades of nearly AED 248.22 million.

Aaron Leslie John, chief market analyst at Century Financial, confirmed to Emarat Al Youm that local stock market indices achieved positive performance during the first 11 trading sessions of this month.

For his part, financial analyst in stock markets Mahmoud Atta said that there has been great demand and opportunity seizing since the beginning of this year by international investors for leading stocks in local financial markets, with increased expectations regarding distributions of semi-annual profits for companies, most notably those operating in the banking and real estate sectors.