Dubai Financial Market regains the level of 4470 points

The Dubai Financial Market regained its gains at the end of the end of the week’s session yesterday, as its market capitalization gained about 1.46 billion dirhams, amid a focus on blue-chip stocks and the continued disclosure of listed companies’ results for the third quarter of this year. The Dubai Financial Market Index also succeeded in rising by 0.2%, equivalent to 10 points, regaining the level of 4470 points again.

The market capitalization of listed shares rose from 744.21 billion dirhams at the end of last Thursday’s session, to more than 745.67 billion dirhams at the end of yesterday’s session.

At the end of trading, the Dubai Financial Market Index rose 0.37% to the level of 4479.19 points, with trades amounting to 216.04 million dirhams, and the Abu Dhabi Securities Market Index (FADGI) rose by 0.08%, reaching the level of 9203.53 points with trades worth a total of 926.76 million dirhams.

At the level of the week’s transactions, and according to Dubai Financial data, the total purchase amount from Gulf investors’ transactions during the week’s sessions amounted to about 27.55 million dirhams, after purchases worth 142.92 million dirhams, and sales worth 115.37 million dirhams.

The value of citizens’ “purchases” of shares in the Dubai Financial Market amounted to about 734.34 million dirhams, compared to “sales” worth 668.49 million dirhams, so that the total was a “purchase” worth 65.85 million dirhams.

In addition, Wadah Al-Taha, a member of the National Advisory Council at the Chartered Institute for Securities and Investment, said that “the successive results of the banks’ operations will affect the direction of local financial market indicators,” indicating that lower interest rates may affect the profitability margins of those listed banks in the future. .

He stressed that the geopolitical situation has absorbed its impact on the local financial markets, which will determine their trends, business results, and the performance of the global financial markets, which recorded record performance last week.

For his part, the economics and investment advisor, Dean Kanaan, said, “There are several entitlements in the interest of enhancing the gains of the local financial markets, most notably the results of the real estate companies’ operations, which are expected to announce good, strong results for the third quarter of this year.”

He pointed out that the results of the banks that have been announced, so far, are good, despite the sector facing some challenges, most notably the reduction in interest rates.

He stressed that the local financial markets were late in achieving major gains, such as the US stock markets, which are psychologically linked to them, pointing out that the local financial markets are currently going through a phase of repositioning in the leading stocks by the investment portfolios, especially in light of the expectations of accelerating the country’s economic growth in the current and next years.

The financial advisor, Mahmoud Atta, expected that some of the major banks listed on the financial markets would witness a slight increase in total profits for the third quarter of 2024, suggesting that companies in the non-oil sectors such as real estate and tourism would witness good growth in both revenues and net profit, which will be reflected in the performance. Local financial markets during the next two weeks.