Experts after “Vision”: The UAE markets are strong with its solid companies, despite the challenges of global markets

Rapid profit-making operations forced the Dubai Financial Market Index to decline at the close of trading on Wednesday, while the Abu Dhabi Stock Exchange index continued to rise for the second consecutive session, with more investors’ appetite opening up opportunities in major equities grab, which coincides with the return of the initial offers.

The director of Al Ansari Financial Services Company, Abdul Qader Shaath, told Vision that the UAE stock markets are still experiencing relatively strong performance, which coincides with the strength of the profits announced by the majority of the major companies. listed in the strategic sectors. .

He pointed out that the state’s plans to attract foreign capital by offering strong companies to ensure that they provide a safe investment environment to contrast with the turmoil that world markets are observing as a result of the Ukrainian crisis.

He expected the local stock market index to return to rise, record profits and cross historical levels again, after going through a correction wave and making natural gains that should have taken place.

He pointed out that one of the factors that qualifies the local stock markets to return to the rising path is the banks’ achievement of business results that exceeded expectations overall, in addition to the improvement from which the business results of companies in the real estate sector and most large sectors.

In turn, Kamco Invest vice president of research Raed Diab told Al-Roya that there is one factor that keeps the UAE markets strong against any changes regarding the repercussions of the Ukrainian war, which is that the fundamentals of listed companies and banks remain strong, with good profits revealed in the year 2021 in addition to the first quarter of the current year.

He pointed out that the planned listings in the UAE financial markets will increase liquidity in the coming period and attract many local and foreign investors. The Abu Dhabi National Oil Company (ADNOC) and its strategic partner, Borealis, announced on Wednesday morning their intention to offer a 10% stake in Abu Dhabi Polymers Company Limited (Borouge) for an initial public offering on the Abu Dhabi Stock Exchange.

The listing for the offering shares is expected to begin on May 23, 2022, subject to obtaining the approvals of the relevant regulatory authorities. It is also indicated that the number of offering shares is 3.05769158 billion shares, representing 10%. of the company’s shares, and the nominal value of the share is estimated at $ 0.16, equivalent to 0.59 dirhams.

Raed Diab expected fears in the markets to subside with the continuation of fluctuations, with expectations in light of oil prices maintaining their current levels and the good financial position of the country, in addition to the UAE enjoying an encouraging investment climate due to the facilities it offers to improve the flexibility of the economy and increase the investment environment and laws that attract companies Encouraging and constructive legislation that contributes to providing a better business environment, in addition to a solid infrastructure.

Abu Dhabi mark

In detail on the performance of the local markets, the Abu Dhabi FTSE Securities Market Index for the second consecutive session at the end of today’s session, the second session of the week, increased by 1.59% at the level of 9874.7 points jumped, coinciding with the rise of leading stocks and the return of initial offers.

The value of trading in the Abu Dhabi market amounted to 1.922 billion dirhams, while the trading volume reached 317.46 million shares through the implementation of 14,829 transactions.

The market performance came with the holding of International Holding increased by 6.97%, coinciding with the day after the company completed the completion of an investment transaction worth 7.3 billion dirhams ($ 2 billion) in the portfolio of announced the Adani group of companies, which includes “Adani Green Energy Limited” and “Adani Limited Transmission.” and Adani Enterprise Limited.

And Aldar Properties rose 0.75%, and Affababi shares rose 1.98%, while Etisalat shares fell 1.56% and First Abu Dhabi shares 0.79%. The Multiplay group increased by 1.03%, the share of Dana Gas increased by 2.61%, the share of ADNOC Distribution increased by 0.98%, the Easy Lease increased by 6.34%, and the share of Abu Dhabi Commercial Bank increased by 5.1%. Etisalat shares fell 0.44% after a day of gains, which came after the group said last week that it had bought a 9.8% stake in Vodafone International for $ 4.4 billion, days after he said he wants to expand into new markets and related areas such as e.g. financial technology.

Global Holding shares were at the top of the shares in terms of trading value, with about 371.77 million dirhams, followed by Aldar Properties with a value of 312.39 million dirhams, followed by First Abu Dhabi with a value of 309.26 million dirhams , while Global Holding tops the shares in terms of trading volumes with 57.46 million shares.

Dubai Financial Market

The Dubai Financial Market Index fell 0.94% at the end of trading at 3437.30 points, in conjunction with the dominance of profit-making activities on traders, which dropped 21 shares after returning to profits.

The value of trading on the Dubai Financial Market during today’s trading amounted to 334.61 million dirhams, with a trading volume of 124.114 million shares, through 6.571 thousand transactions.

The performance of the market came in conjunction with the real estate sector index which fell by 1.2% as well as the transport sector by 2.3% while the banking sector index rose by 0.01%.

In terms of real estate shares in the Dubai market, Emaar Properties’ share fell by 2.14%, a day after its rise, which coincided with the company’s announcement of record profits of 2.24 billion dirhams ($ 610 million) in the first quarter, with real estate sales increasing by 17%. According to Refinitiv, analysts expected a net profit of 1.06 billion dirhams. Deyaar Development shares fell 1.13%, while Union Properties rose 1.86%. The transport sector fell by 2.41%, with the share of Air Arabia falling by 3.34%. The list of declines includes the share of Dubai Financial Market 2.53%, the Emirates NBD share, which fell by 0.74%, and the share of DEWA, ​​which fell by 1.5%.

The banking sector index rose by 0.01%, coinciding with the rise of Dubai Islamic share 0.66%.

Emaar Properties was at the top of the shares in terms of trading value by 70.82 million dirhams, followed by Dubai Electricity and Water “DEWA” share with 38.62 million shares.

During today’s trading, 9 stocks rose, 21 stocks fell and two stocks stabilized.

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