The Dubai Financial Market continued its positive trend for the second consecutive session, with the market index rising by 0.42%, or 25.3 points, to reach 6111.46 points, marking its highest level since January 16, 2008. This uplift translated into a gain of over two billion dirhams, fueled by strong performances from leading stocks in the finance, real estate, industrial, telecommunications, and public utilities sectors, coinciding with the announcement of robust quarterly results from banks and companies.
The market capitalization of listed stocks in Dubai increased from 1.053 trillion dirhams at the end of Wednesday’s session to 1.055 trillion dirhams by the close of Thursday’s session.
Shares of Emaar Properties and Emaar Development continued to see significant gains, with Emaar Properties reaching its highest level since April 2006, up 1.3% to close at 15.3 dirhams, capturing the majority of liquidity in the Dubai market at 246.8 million dirhams. Meanwhile, Emaar Development reached its highest level since its listing at 15.25 dirhams, and shares of Dubai Islamic Bank rose by over 1% to 9.80 dirhams, marking the highest level since April 2006.
In the Dubai market, shares of Dubai Refreshments surged by 6.3%, Sakan Takaful increased by 5.8%, and BH Capital grew by 4.76%, while National General Insurance dropped by 6.8%, International Financial Consulting declined by 5.12%, Sudan’s Salam Bank fell by 4.99%, and Dubai National Insurance decreased by 2.94%.
The buying momentum in the Dubai financial market continued, with foreign investors (non-Arab) engaging in net purchases totaling 148.7 million dirhams on Thursday after making purchases worth 333 million dirhams against sales of around 184.3 million dirhams.
Abu Dhabi Market
Similarly, the FTSE Abu Dhabi General Index (FADGI) rose by 0.04%, reaching 10300.81 points, resulting in gains of around two billion dirhams.
Multiplay led the trading activity in Abu Dhabi, accounting for the largest share of total transactions at approximately 165 million dirhams, increasing by 0.74% to 2.72 dirhams, followed closely by Fertiglobe, attracting 126.34 million dirhams, and E7, which had liquidity of 114.3 million dirhams.
In Abu Dhabi, shares of E7 – bonds surged by 14.8%, Gulf Investments rose by 8%, Fertiglobe climbed by 5.08%, and Borouge Holding increased by 4.86%. In contrast, shares of Americana Restaurants fell by 1.8%, GFH Financial Group by 1.5%, Julphar by 1.4%, and the Mir Group by 1.4%.
Gains and Liquidity
The local stock markets added over four billion dirhams to their market capitalization by the end of Thursday’s trading session, supported by performances from key stocks in major sectors.
The market capitalization of listed stocks increased from 4.195 trillion dirhams at the end of Wednesday’s session to 4.199 trillion dirhams by the end of Thursday, distributed as follows: 3.144 trillion dirhams for stocks listed on the Abu Dhabi Securities Exchange and 1.055 trillion dirhams for stocks on the Dubai Financial Market.
Local stocks attracted liquidity exceeding 2.25 billion dirhams, with 1.49 billion dirhams in Abu Dhabi and 762.3 million dirhams in Dubai, trading approximately 813.7 million shares through approximately 40.5 thousand transactions.
Arab Markets
Across Arab exchanges, the Saudi TASI fell by 0.35%, the Kuwaiti index decreased by 0.25%, and Muscat declined by 0.98%. Conversely, the Qatari and Bahraini markets rose by 0.30% and 0.18%, respectively. Outside the Gulf area, the Egyptian market was closed for the holiday commemorating the July 23 Revolution, with plans to resume trading next Sunday.
Saudi Arabia
Specifically, the Saudi market index TASI fell by 0.35%, closing at 10946 points with total trading volume around 4.9 billion riyals.
Shares of Al Rajhi Bank, Saudi Aramco, Acwa Power, Bank Albilad, Alinma Bank, AlKhowaiter, and Electrical Industries declined between 1% and 4%. In contrast, shares of the Tadawul Group, National Bank, Tasnee, PetroRabigh, SMC, and Shams rose between 1% and 3%. Moreover, the share of Northern Cement increased by 6% to 8.10 riyals, following the announcement of the launch of Al-Fayha Northern Cement Company in Syria, with an investment of 20 million dollars.
Jordan
The general index of the Jordan Stock Exchange rose by 0.52%, closing at 2913.41 points, with a trading value of 9.9 million dinars, unchanged from the previous session.
The Jordanian stock exchange concluded the week positively, supported by purchasing activity in key stocks such as the Phosphate Mines amid solid liquidity.
Shares of Arab Potash increased by 1.31% to 33.38 dinars, the Arab Bank gained 0.34% to 5.97 dinars, and Phosphate Mines rose by 1.27% to 20 dinars, while shares of the Jordan Electricity Authority decreased by 1.52% to 2.59 dinars.