Bank shares lead to increase in liquidity in local money markets

  • 4 billion dirhams, local stock liquidity in last May sessions
  • Emaar Properties raises the rise of the Dubai market for the fourth session

The local financial markets continued to rise in the last sessions of May, allowing the Abu Dhabi market to break the 10,000 point level again with the support of major stocks, especially the Abu Dhabi market, with the Dubai market index marginally rising for the fourth consecutive session.

Local equities have attracted high levels of liquidity to more than 4 billion dirhams in both the Dubai and Abu Dhabi markets, concentrated in major equities, particularly Emirates NBD and First Abu Dhabi Bank.

The remarkable increase in liquidity coincides with the start of listing of GFH shares on the Abu Dhabi market, as well as the implementation of changes to the semi-annual review of MSCI indices today, 31 May.

Aaron Leslie John Century Financial said that the local financial markets managed to continue to rise in the last sessions of May today, with the support of major stocks, especially banks and Emaar Properties in the Dubai market.

John noted that all eyes will be on Borouge’s $ 2 billion Abu Dhabi IPO, which starts trading on June 3 and attracts $ 83 billion in orders, as it is Abu Dhabi’s largest listing ever.

He continued, “The 60% rise in oil prices this year to levels of more than $ 120 a barrel has helped attract foreign flows to the region’s markets, which have been some of the best performing markets in the world this year.”

A Century analyst stressed that global developments are supporting the economies of the Middle East with the rise in international oil prices, especially after the European Union agreed to reduce Russian oil imports.

He noted that the high investor sentiment in the UAE’s financial markets, with the start of new listings and the jump in oil prices, reinforced the rises in local financial markets, and represented strong incentives to continue the rise.

The Abu Dhabi market index continued to rise at the end of today’s trading session, the last of May sessions, by 1.6 percent at the 10,046 point level, supported by the rise of major stocks at the beginning of the listing of GFH’s share in the Abu Dhabi market.

The value of trading in the Abu Dhabi market was 2.63 billion dirhams, while the trading volume was 328.17 million shares.

The performance of the market came with the increase of the First Abu Dhabi share by 3.57%, and the increase of Aldar Properties by 2.12%, while the Global Holding increased by 0.32%.

Shares of Etisalat Group rose 2.02%, while ADNOC Distribution rose 0.48%, and ADNOC Drilling rose 1.57%, while Dana Gas fell 1.82%, while Multiplay Group rose 1.57%.

GFH shares closed at 1.17 dirhams on the first day of listing, with a trading volume of 20 million shares.

First Abu Dhabi shares were at the top of the shares in terms of trading value, with about 560.85 million dirhams, followed by Etisalat Group with a value of 442.55 million dirhams, then ADNOC Distribution with a value of 351.36 million dirhams , while ADNOC Distribution increased the shares in terms of trading volumes by about 83.9 million shares.

IDC’s accounts outperformed the Abu Dhabi market’s gains by 22.28%, while Sudatel outperformed the dollar’s shares by 3.93%.

In terms of bank shares, Abu Dhabi Islamic rose by 0.48% while Abu Dhabi Commercial rose by 0.5%.

Foreigners tended to buy in the Abu Dhabi market with a net of 124.65 million dirhams, while Arabs and Emirati tended to sell with a net of 15.54 million dirhams and 121.55 million dirhams, and the Arabs of the Gulf tended to buy with a net of 12.44 million dirhams. .

At the end of today’s session, the market value of the Abu Dhabi market recorded approximately 1.9577 trillion dirhams, compared to a value of approximately 1.9417 trillion dirhams, an increase of 16 billion dirhams.

The Dubai Financial Market Index rose marginally at the end of today’s session by 0.06% at the level of 3347 points, supported by the rise of 7 private shares, Emaar Properties, to mark the market’s rise for the fourth consecutive session .

The value of trading in the Dubai Financial Market during today’s trading amounted to 1.44 billion dirhams, concentrated in the Emirates NBD share, and the market’s trading volume reached 263.36 million shares, through 9.13 thousand transactions.

The performance of the market came in conjunction with the decline of the banking sector index by 1.09%, while real estate rose by 1.61%, and the investment sector index by 0.27%.

In terms of real estate shares in the Dubai market, Emaar Properties rose by 2.51%, while Deyaar Development fell by 1.7%, and Emaar Development by 1.99%.

The performance of the banking sector coincided with the decline of Dubai Islamic by 0.83%, while Emirates NBD fell by 1.49%.

The performance of the market coincided with the decline of the Dubai market share by 2.26%, while GFH settled at the level of 1.15 dirhams, and Shuaa rose by 1.85%.

The share of the rising shares in the Dubai market was led by 4.1%, while the share of Gulf Navigation outperformed the falling shares by 7.39%.

Emirates NBD shares were at the top of the shares in terms of trading value by 815.17 million dirhams, followed by Emaar shares with about 227.56 million shares, while the shares of Emirates NBD shares issued in terms of trading volumes by 61.89 million shares.

During today’s trading, 7 stocks rose, 15 stocks fell and 5 stocks stabilized.

Foreigners tended to sell in Dubai with a net of 51.93 million dirhams, while the Gulf and Arabs tended to buy with a net of 61.03 million dirhams and 7.7 million dirhams, respectively, and Emirates tended to sell at a net of 16.8 million dirhams.

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