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Dubai Financial Market Reports AED 417 Million Profits at the Start of the Week

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Dubai Financial Market Surges with AED 417 Million Profit at Week's Start

The Dubai Financial Market began trading during this week with a rise yesterday with its general index rising by 0.08% or 4.18 points to reach 5232.5 points, increasing market gains by almost AED 417 million backed by optimism by investors and promising expectations regarding business results for this year by all listed companies along with major sectors in the state, especially in the real estate sector.

Dubai Financial Market Surges with AED 417 Million Profit at Week’s Start

The market capitalization of shares listed on the Dubai Financial Market rose from 916.084 billion dirhams at the close of last Friday’s session to 916.501 billion dirhams at the close of yesterday’s session.

Local stock markets have attracted liquidity amounting to AED 1.69 billion, which are mainly concentrated in real estate and banking sector stocks, and its distribution is AED 1.033 billion on the Abu Dhabi Securities Market and AED 648.058 million on the Dubai Financial Market, after trading 542.826 million shares through the execution of more than 35.65 thousand transactions.

The shares in Aramex rose to a peak of AED 2.65, with close to AED 3m traded after announcing that it was receiving an offer, by ADQ, to fully acquire up to 100pc of its capital at AED 3/share. The offer includes purchasing shares in the shipping company listed on the Dubai Financial Market, and comes at a time when the company is seeking to increase its holdings in the logistics sector.

The rise in the Dubai Financial Market in yesterday’s trading was also supported by the rise in Emirates NBD shares by 1.16%, reaching 21.80 dirhams, in addition to the rise in Ajman Bank shares by 1.18%, reaching 1.72 dirhams.

Takaful Emarat shares increased by 6.6% to AED 1.46, while PHM Capital Financial Services shares rose by 3.72%. The most liquidly traded shares were Emaar Properties shares, with trades amounting to almost AED 225.31 million.

In the Abu Dhabi Securities Exchange, the general index fell to 9,459 points as it decreased 0.4%, with AED 1.033 billion total trade. Eshraq Investments decreased by 2% at AED 0.341 and Multiply Group fell by 1.8%. Lulu Group increased 1%, while Phoenix increased 0.8% at AED 1.22. Dana Gas was the most liquid as it increased by 1.6% to AED 0.757 with trades greater than 32 million shares. 1.69 billion dirhams were pulled into local stock markets yesterday.

 

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