Dubai market gains 4.4 billion dirhams in 3 sessions

The Dubai Financial Market (DFM) increased its gains during the first three sessions of this week, as its market capitalization gained about 4.4 billion dirhams, amid a focus on leading stocks and the successive disclosure of the results of the second quarter of this year by listed companies.

The market capitalization of listed shares rose from AED 706.112 billion at the end of last week to more than AED 710.503 billion at the end of yesterday’s session, Wednesday.

Since the beginning of the week, the market index has risen by 0.43%, equivalent to 18.3 points, to 4213.42 points from 4195.15 points, thus regaining the 4200 point level again.

On a daily level, local stock markets returned to their gains, as the Dubai Financial Market index rose yesterday by 0.69%, with trading valued at 203.82 million dirhams, while the Abu Dhabi Securities Market index rose by 0.55%, reaching 9225.61 points with trading valued at a total of 964.68 million dirhams.

According to Dubai Financial Market data, the total purchases of foreign investors’ transactions during yesterday’s session, Wednesday, amounted to about 7.34 million dirhams, after purchases worth 108.13 million dirhams, and sales worth 100.78 million dirhams.

The value of citizens’ “sales” of shares in the Dubai Financial Market amounted to approximately 103.034 million dirhams, compared to “purchases” worth 95.69 million dirhams, so the total “sales” amounted to 7.34 million dirhams.

Institutions also tended to buy at a value of approximately AED 149.47 million, compared to “sales” worth AED 126.59 million, and net institutional investment amounted to approximately AED 22.88 million, the result of “buying”.

In turn, the value of individual sales amounted to 77.22 million dirhams, compared to purchases of shares worth 54.35 million dirhams, so the total “sales” amounted to about 22.88 million dirhams.

In this regard, Abdul Qader Shaath, General Manager of Al Ansari Financial Brokerage Company, said that the performance of the local financial markets is excellent, as the Dubai Financial Market index regaining the 4200-point level and the Abu Dhabi market stabilizing above the 9200-point level is a good sign. He pointed out that the declining liquidity levels in both markets are mainly due to the state of anticipation that still controls most traders, especially foreigners, to further confirm the stability of the performance of global markets or the issuance of any data related to the global recession, especially in light of the increasing fears on Wall Street during the session the day before yesterday.

He expected the Dubai Financial Market to rise and head towards 4250 points, and from there to higher levels, supported by selective buying, in light of the continued disclosure of the results of the listed companies.