The Dubai Financial Market Index continued its upward trajectory, reaching its highest point since January 17, 2008. The market index increased by 1.02%, which is equivalent to 60.38 points, marking its most significant daily gain in two weeks and closing at 5974.43 points. This rise positioned it as the leading stock market in the Arab region, benefiting from strong performances in key sectors like finance, real estate, industry, utilities, and telecommunications, particularly banks, coinciding with the announcement of robust quarterly results.
The market capitalization of listed Dubai stocks surged from 1.027 trillion dirhams at the end of Tuesday’s session to 1.037 trillion dirhams by the end of Wednesday.
The share of Emirates NBD reached a new record, gaining 3.73% to 26.4 dirhams, while Dubai Islamic Bank rose by 2.16%, reaching 9.47 dirhams, their highest level since April 2006.
Dubai National Insurance led the gains among 29 rising stocks in the Dubai market, climbing 8.8% to 3.45 dirhams. Meanwhile, Emaar Properties took the largest share of total market liquidity with 272.5 million dirhams, stabilizing at 14.55 dirhams, followed by Dubai Islamic Bank with 129.74 million dirhams, and Emirates NBD attracting 116.7 million dirhams.
In the Dubai market, Dubai Refreshments saw a rise of 7.7%, Korporation increased by 4.35%, Amanat Holdings grew by 3.7%, and Emaar Development went up by 1.06%. Conversely, Ithmaar Holding fell by 6.96%, Al Firdous Holdings decreased by 3.53%, International Financial Consultants dropped by 3.13%, and Shuaa Capital declined by 2.2%.
A notable direct deal was executed in the Dubai market involving Gulf Navigation Holding shares, valued at 60 million dirhams, comprising 10 million shares at a price of 6 dirhams each.
Investor activity in the Dubai Financial Market remained strong, with foreign (non-Arab) investors showing a preference for buying, recording a net investment of 195.5 million dirhams after purchases worth 410.5 million dirhams against sales of about 215 million dirhams.
Abu Dhabi Market
Simultaneously, the FTSE Abu Dhabi General Index (FADGI) rose by 0.25%, closing at 10176.33 points, marking its highest level since January 2023 and adding approximately 3 billion dirhams.
First Abu Dhabi Bank topped the activity in the Abu Dhabi market, accounting for a significant portion of total trades at around 208.8 million dirhams, followed by Abu Dhabi Commercial Bank, which attracted 178.9 million dirhams, a 1.8% rise to 15.54 dirhams, a historical high for the stock, while International Holdings Company saw liquidity of 126 million dirhams.
Also in the Abu Dhabi market, six direct large trades were registered for Abu Dhabi Commercial Bank shares valued at 31.8 million dirhams, executed on over two million shares at a price of 15.54 dirhams each.
In the Abu Dhabi market, Oman and Emirates Investment jumped by 9.24%, Umm Al-Quwain Investments by 4.7%, Sharjah Bank by 3.74%, and Rabqo Investments by 2.8%. However, Gulf Investments fell by 9.03%, Abu Dhabi National Insurance by 4.44%, Ras Al Khaimah National Insurance by 3.03%, and Abu Dhabi National Building Materials by 2.76%.
Gains and Liquidity
Local stock markets added over 13 billion dirhams in market capitalization by the end of Wednesday’s trading session, supported by the performance of leading stocks in key sectors.
The market capitalization of listed stocks increased from 4.143 trillion dirhams at the end of Tuesday to 4.156 trillion dirhams by the close of the Wednesday session, distributed as 3.119 trillion dirhams for stocks listed on the Abu Dhabi Securities Market and 1.037 trillion dirhams for those listed on the Dubai Financial Market.
Local stocks drew in liquidity close to 2.7 billion dirhams, with 1.7 billion dirhams occurring in the Abu Dhabi market and 988.6 million dirhams in Dubai, where about 829.95 million shares were traded through more than 49,640 transactions.
Arab Markets
Among Arab stock markets, the Saudi TASI index fell by 0.51%, the Kuwaiti by 1.18%, the Qatari by 0.06%, the Muscat by 0.25%, and the Bahraini by 0.33%. Outside the Gulf region, Egypt’s stock index dropped by 1.36%.
Saudi Arabia
Specifically, the Saudi market index TASI decreased by 0.51%, closing at 11039 points with total trading reaching about 4 billion riyals.
Shares of Saudi Aramco and Al Rajhi Bank fell by 1% to 24.42 riyals and 94.50 riyals, respectively.
Shares in تداول Group, Almarai, Dr. Sulaiman Al Habib, Alinma Bank, Jabal Omar, Bank Al Bilad, and Saudi Basic Industries saw declines ranging from 1% to 3%, while Ayan shares rose by 2% to 13.80 riyals, and Al Yamamah Steel closed at 34.42 riyals, up 4%.
Egypt
The Egyptian stock market indices fell across the board due to pressures from sales by local and Arab traders, with a trading value of 4.4 billion pounds. The market capitalization lost 16 billion pounds, closing at 2.377 trillion pounds. The EGX 30 index decreased by 1.36%, ending at 33473 points, while the EGX 30 Weighted index fell by 1.39% to 41449 points. The EGX 30 Total Return index slipped by 1.35%, closing at 15036 points.
Additionally, the EGX 70 Equal Weight index dipped by 0.46%, closing at 10119 points, while the EGX 100 Equal Weight index fell by 0.61% to 13696 points. The Islamic Sharia index dropped by 1.14%, finishing at 3470 points.
Jordan
The general index of the Jordan Stock Exchange closed up by 0.52% at 2872.63 points, with trading value amounting to 13.5 million dinars, compared to 10.3 million in the previous session.
The Jordanian stock market rose on Wednesday, driven by purchases in leading shares, notably from the phosphate mines, amidst improving liquidity.
The share price of Jordan Telecom increased by 0.68% to 2.95 dinars, Arab Potash shares climbed by 3.34% to 34 dinars, and phosphate mines saw a significant rise of 7.19% to 19.4 dinars, while Arab Bank’s stock decreased by 0.67% to 5.9 dinars.