The Dubai Financial Market Index has soared above 5800 points once again, closing at its highest level since May 7, 2008. The market index increased by 0.68%, or 39.4 points, concluding at 5833.78 points, which generated approximately 3 billion dirhams for the market, driven by the strong performance of leading real estate stocks, which experienced a rise of over 2.3% at the end of the mid-week session.
The market capitalization of listed Dubai shares increased from 1.010 trillion dirhams at the end of Tuesday’s session to 1.013 trillion dirhams by the end of Wednesday’s trading.
Union Properties stock surged to its maximum limit at 0.855 dirhams, marking its highest level since April 2018, leading a rise for 29 stocks in the Dubai market. It accounted for the largest share of total market liquidity at 186.84 million dirhams, followed by Emaar Properties, which brought in 170.7 million dirhams, gaining 0.36% to close at 14 dirhams.
In the Dubai market, shares of Deyaar Development rose by 6.9%, Shuaa Capital by 5.12%, National General Insurance by 4.8%, Dubai Financial Market by over 4%, and Emaar Development by 1.46%.
A significant direct deal was executed on Gulf Navigation Holding shares worth 57.6 million dirhams, involving 10 million shares at a price of 5.76 dirhams per share. Another notable transaction occurred involving Ajman Bank shares valued at 70 million dirhams, involving 50 million shares at an execution price of 1.40 dirhams each.
The buying momentum on the Dubai Financial Market persisted, with foreign investors (non-Arabs) leaning towards purchases, recording a net investment of 123 million dirhams on Wednesday after purchases worth 390.8 million dirhams contrasted with sales totaling approximately 267.7 million dirhams.
Abu Dhabi Market
The FTSE Abu Dhabi General Index (FADGI) increased by 0.37% to reach 10,049.02 points, adding around 7 billion dirhams in value.
ADNOC Gas led the activity in the Abu Dhabi market, capturing the largest share of total trades at approximately 126.7 million dirhams, followed by Aldar Properties at 124 million dirhams, and International Holding Company with liquidity of 112.3 million dirhams.
Shares of Abu Dhabi National Insurance rose by 6.35%, Ishraq Investment by 6.14%, E7 by 3.5%, and Abu Dhabi National Building Materials by 3.3%. On the other hand, shares of Abu Dhabi National Takaful fell by 9.9%, Ras Al Khaimah Cement by 4.3%, GFH Financial by 4.3%, and Gulf Pharmaceutical by 3.3%.
Gains and Liquidity
Local stock markets added over 10 billion dirhams to their market capitalization by the end of Wednesday’s trading, bolstered by the performance of leading stocks across key sectors.
The market capitalization of listed stocks rose from 4.1 trillion dirhams at the end of Tuesday’s session to 4.11 trillion dirhams by the end of Wednesday, distributed as follows: 3.097 trillion dirhams for stocks listed on the Abu Dhabi Securities Exchange and 1.013 trillion dirhams for those on the Dubai Financial Market.
Local stocks attracted liquidity exceeding 2.5 billion dirhams, with 1.34 billion dirhams in the Abu Dhabi market and 1.17 billion dirhams in Dubai, trading around 1.26 billion shares via more than 49,000 transactions.
In terms of Arab markets, the Saudi TASI index dropped by 0.14%, while Qatar’s index fell by 0.04%. Conversely, the Kuwaiti market gained 0.62%, Muscat increased by 0.95%, and Bahrain rose by 0.14%. Outside the Gulf region, the Egyptian stock market’s index rose by 0.35%.
Saudi Arabia
The Saudi stock market index, TASI, decreased by 0.14%, closing at 11,278 points, with total trading valued at approximately 5.5 billion riyals.
Saudi Aramco shares fell by 1% to 24.88 riyals, while ACWA Power dropped by 3% to 249 riyals.
Shares of Almarai, Alinma Bank, Riyad Bank, BSF, Al-Habib, Kayan Saudi Arabia, Tawuniya, Riyadh Cables, Yanbu Cement, Eastern Cement, Solutions, and Al-Ahli Bank all experienced declines ranging from 1% to 3%.
In contrast, real estate sector shares including Masar, Al-Aqaria, Rital, Jabal Omar, and Emaar rose between 4% and 9% following the Cabinet’s approval of the updated regulations for non-Saudis owning property.
Egypt
Egyptian stock market indices increased collectively, apart from the EGX 70 index, driven by purchases from Arab and foreign traders. The total trading value reached 4.1 billion pounds, resulting in a market cap increase of 1 billion pounds, closing at 2.355 trillion pounds.
The EGX 30 index climbed by 0.35% to close at 33,152 points, while the EGX 30 Weighted Index rose by 0.31% to 41,293 points, and the EGX 30 Total Return Index surged by 0.34% to 14,893 points.
Meanwhile, the EGX 70 equal-weighted index dipped by 0.33% to close at 10,090 points, while the EGX 100 equal-weighted index slightly increased by 0.01% to 13,654 points, and the Islamic Index advanced by 0.14% to close at 3,483 points.
Jordan
The Jordanian stock market continued to rise for the second consecutive session, supported by buying in leading stocks such as Arab Bank, alongside an improvement in liquidity.
The general stock index closed up 0.31% at 2844.27 points, with trading valued at 9.2 million dinars compared to 7.1 million in the previous session.
Jordan Electricity shares increased by 0.76% to 2.65 dinars, Arab Potash shares rose by 0.85% to 33.18 dinars, and Arab Bank shares were up by 0.69% to 5.84 dinars, while shares of Jordan Phosphate Mines fell by 0.45% to 17.87 dinars.