The Dubai Financial Market has continued its rapid ascent for the fifth consecutive session, bolstered by historic breakthroughs in banking stocks. The market index surged by 2.15%, equating to an increase of 128.7 points. This marks the strongest daily rise since June 24, placing it at the forefront of Arab markets with a total of 6103.09 points, its highest level since January 16, 2008, resulting in a gain of approximately 20 billion dirhams, coinciding with the announcement of strong quarterly results.
The market capitalization for listed stocks in Dubai rose from 1.037 trillion dirhams at Wednesday’s close to 1.057 trillion dirhams by the end of Thursday’s session.
The shares of Emirates NBD continued to set new records, climbing by 3.98% to reach 27.45 dirhams, while Dubai Islamic Bank increased by 1.9% to 9.65 dirhams, marking its highest level since April 2006. Additionally, Air Arabia’s shares rose by 3.94%, hitting 3.69 dirhams, the highest since its listing on the Dubai Financial Market. Emaar Development’s shares also increased by 2.1% to 14.60 dirhams, reaching the highest value since it was listed.
Dubai Commercial Bank led the way among 22 increasing stocks in the market, rising 11% to 9.99 dirhams, while Emaar Properties accounted for the largest share of market liquidity at 241.9 million dirhams, with an increase of 2.75% to 14.95 dirhams. Dubai Islamic Bank followed with a liquidity of 121.5 million dirhams, then Emirates NBD attracted 113.3 million dirhams.
In Dubai, other notable share gains included Aqtel Holding, which rose by 5.9%, Mashreq Bank at 5.3%, and Emaar Development by 2.1%. Conversely, International National Holding fell by 4.15%, along with Sudan’s Salam Bank at 2.3%, Talabat by 2.2%, and Drake & Scull by 1.95%.
The buying momentum in the Dubai Financial Market continued, with foreign (non-Arab) investors leaning towards purchases, achieving a net investment of 209.6 million dirhams, driven by total purchases of 399.6 million dirhams against sales of approximately 189.94 million dirhams.
Abu Dhabi Market
Meanwhile, the FTSE Abu Dhabi General Index (FADX) rose by 0.65% to 10,242.49 points, the highest level since January 2023, resulting in nearly 12 billion dirhams in gains.
First Abu Dhabi Bank led activity in the Abu Dhabi market, accounting for the largest share of total trade at around 131.66 million dirhams, followed by International Holding Company, which attracted 125 million dirhams, and ADNOC Gas with a liquidity of 98.6 million dirhams.
A significant direct transaction was executed in the Abu Dhabi market involving Ras Al Khaimah Ceramics shares valued at 63.8 million dirhams, covering 25.5 million shares at an execution price of 2.49 dirhams per share.
Notable rises in the Abu Dhabi market included International Commercial Bank at 10.1%, Sharjah Bank at 8.1%, Umm Al Qaiwain National Bank at 6.4%, and Ras Al Khaimah National Bank at 5.3%. On the other hand, shares of Oman and Emirates Investment dropped by 10%, followed by Abu Dhabi National Building Materials at 4.55%, E-Seven bonds at 3.8%, and Emirates Steel Building Materials at 2.2%.
Gains and Liquidity
Local stock markets witnessed gains exceeding 32 billion dirhams at the close of trading on Thursday, driven by the performance of key stocks across major sectors, particularly in banking and real estate.
The market capitalization of listed stocks rose from 4.156 trillion dirhams at the end of Wednesday to 4.188 trillion dirhams by Thursday’s close, distributed as follows: 3.131 trillion dirhams for stocks listed on the Abu Dhabi Securities Exchange and 1.057 trillion dirhams for stocks on the Dubai Financial Market.
Local stocks attracted liquidity nearing 2.57 billion dirhams, divided into 1.6 billion dirhams in Abu Dhabi and 967.4 million dirhams in Dubai, with approximately 760.8 million shares traded across more than 53,970 transactions.
Arab Markets
In the broader Arab markets, the Saudi TASI index saw a decline of 0.29%, whereas the Bahrain index fell by 0.07%. Meanwhile, stock markets in Kuwait rose by 0.85%, Qatar by 0.96%, and Muscat by 1.16%. Outside the Gulf region, Egypt’s main stock index increased by 1.04%, while the Moroccan Masi index dipped by 0.14%.
Saudi Arabia
Specifically, the Saudi market index TASI declined by 0.29%, closing at 11,007 points, with total trading values reaching about 4.2 billion riyals.
Stocks for Saudi Aramco and the National Commercial Bank fell by more than 1%, settling at 24.10 riyals and 36.52 riyals respectively. Shares in the Al Habib Group, Elm, Al Kharafi, and Al-Othaim Markets dropped between 1% and 3%. Conversely, stocks for SABIC, Ma’aden, and the Saudi Group, along with SABIC Agricultural Foodstuffs and Research Media, rose between 1% and 5%.
Egypt
Egyptian stock indices rose as a whole, spurred by buying activity from both local and foreign investors, with trading values reaching 4.5 billion pounds. The market capitalization gained 15 billion pounds, closing at 2.392 trillion pounds.
The EGX30 index jumped by 1.04%, closing at 33,821 points. The EGX30 weighted index rose by 0.84%, finishing at 41,795 points, while the EGX30 total return index climbed by 1.03%, closing at 15,191 points.
Additionally, the EGX70 equal weights index increased by 0.08%, closing at 10,127 points, and the EGX100 equal weights index gained 0.25%, closing at 13,731 points. The Islamic index rose by 0.63%, finishing at 3,492 points.
Jordan
The general index of the Jordanian Stock Exchange closed up by 0.14% at 2,876.52 points, with trading values reaching 10.9 million dinars, compared to 13.5 million in the previous session.
The Jordanian market benefited from purchasing in leading stocks such as the Arab Bank, supported by good liquidity. The share of the Oil Refinery rose by 0.6% to 5.03 dinars, the Jordan Kuwait Bank gained 1.36% to 2.99 dinars, and the Arab Bank increased by 1.02% to 5.96 dinars.
Conversely, the share of the Phosphate Mines decreased by 1.24% to 19.16 dinars.