The local financial markets managed to maintain their cohesion during trading today, Wednesday, the mid-week session, which coincided with the start of the marathon of announcing the quarterly results of companies, despite the declines in the global financial markets, for the Dubai Financial Market to continue its rise against the decline of the Abu Dhabi market with the decline of «Etisalat» and «International Holdings».
UAE shares attracted liquidity momentum during today’s trading, more than 1.92 billion dirhams, concentrated in 3 shares led by Aldar Properties.
The rise dominated the performance of energy stocks with the return of the rise in international oil prices above $ 100 per barrel.
Abu Dhabi financial market
The Abu Dhabi FTSE Securities Exchange Index fell 0.127% at the end of today’s session, at 10,006 points.
The value of trading in the Abu Dhabi market was 1.46 billion dirhams, while the trading volume was 232.35 million shares.
The performance of the market coincided with the increase of the First Abu Dhabi share by 0.27%, while the share of International Holding decreased by 0.05%, while Aldar Properties increased by 3.1%, to continue to deal with its historical increases seen during the recent sessions, especially after the company announced today’s quarterly business results.
The Etisalat group fell 1.54%, and Multiplay shares fell 1.6%, while Food rose 2.72%.
Aldar Properties was at the top of the shares in terms of trading value, with about 398.36 million dirhams, followed by Global Holding with a value of 299.19 million dirhams, then First Abu Dhabi with a value of 208.38 million dirhams, while Aldar at the top of the shares was in terms of trading. volumes with approximately 70.98 million shares.
The shares of 16 companies rose, while the shares of 26 companies fell, and the shares of 7 companies were stable.
The market value of the Abu Dhabi market at the end of today’s session recorded 1.928 trillion dirhams, compared to 1.9296 trillion dirhams in the previous session.
In terms of bank share performance, Ras Al-Khaimah National Bank fell 5%, Abu Dhabi Commercial fell 0.58% and Sharjah Islamic fell 0.51%.
Energy stocks dominated the rise as ADNOC Distribution rose 0.99%, Energy rose 1.46% and ADNOC Drilling fell 0.82%.
Foreigners tended to sell with a net of 58.54 million dirhams, while Emirates, Arabs and Gulf citizens tended to buy with a net of 48.37 million dirhams, 5.13 million dirhams and 5.04 million dirhams, respectively.
Dubai Financial Market
The Dubai Financial Market Index continued its upward trend, rising 0.59% at the end of today’s session to the level of 3687 points around the highest level in 5 years, in conjunction with the rise of 14 shares, especially real estate and banking stocks.
The value of trading on the Dubai Financial Market during today’s trading amounted to 465.78 million dirhams, with a trading volume of 158.39 million shares, through 7.27 thousand transactions.
The performance of the market came in conjunction with the increase in the banking sector index by 0.69%, while investment increased marginally by 0.01%, and the real estate sector index increased by 0.54%.
The rise overshadowed real estate shares in the Dubai market, where Emaar Properties rose 0.47%, while Deyaar Development rose 0.21%, Union Properties rose 1.75% and Emaar Development 1.01 %.
The performance of the banking sector coincided with the rise of Dubai Islamic by 0.79%, while Emirates NBD rose by 0.66%, and Ajman Bank decreased by 0.5%, while Amlak rose by 1.38% .
Market performance came in conjunction with the decline of DEWA by 0.35%, and the Dubai market share fell by 0.37%, while Aramex and GFH rose by 4.25% and 1.68% respectively .
Emaar shares topped the shares in terms of trading value by 121.34 million dirhams, followed by Dubai Islamic shares with about 93.008 million shares, while Dewa outperformed the shares in terms of trading volumes by 29.65 million shares.
During today’s trading, 14 stocks rose, 11 stocks fell, while 3 stocks stabilized.
Foreigners tended to sell in the Dubai market with a net of 7.86 million dirhams, as well as Arabs sold 10.94 million dirhams, in contrast the Gulf and Emirates tended to have a net of 10.38 million dirhams and 8.42 million dirhams for sale, respectively.
Consolidation of local markets
Iyad Al-Buraqi, Head of the Business Development Division at Aldar Equities and Bonds, said that today’s session was slightly affected by the losses of the global financial markets, emphasizing that local equities managed to hold together despite the declines in the US markets yesterday. but they did not react strongly to those declines.
Al-Buraqi pointed out that the declines in some equities are similar to profit-making operations, especially the companies that reached highs during the month of Ramadan amid the upward trend that local financial markets have seen in recent sessions, and expect that local equities will see better performance after the end of the Eid holiday.
In turn, a member of the advisory board at the Chartered Institute of Securities and Investment and financial analyst Waddah Al-Taha pointed out that the trend of some stocks to fall is a trend that is repeated with the approach of holidays, especially long vacations. , as some speculators prefer to leave the markets and return after the holidays.
Al-Taha pointed to the global climate for global stock markets, which is witnessing declines due to expectations of rising interest rates and the repercussions of the Russo-Ukrainian war, as well as the rise in food prices and the closures of China due to the outbreak of the Corona virus and the decline in global growth expectations, indicating that these factors represent pressure on global stock markets.