ABU DHABI 9 April 2017: Despite the profit reaping spree in Thursday’s session, UAE financial markets continued to perform favourably high, spearheaded by the leading shares which rose remarkably over the past three days, driving the general indexes of Abu Dhabi Securities Exchange and Dubai Financial Market to reach all-time-highs in more than two months.
The transactions conducted over five sessions drove the market value of trading companies shares by Dh19.8 billion, according to official statistics, ratcheting the total market value of the two markets up to around Dh842 billion at the close of today s session.
The most salient feature of the week was the launch of the new shares created following the completed merger of the National Bank of Abu Dhabi and First Gulf Bank, with the newly created share jumping by 9.8 per cent to Dh11.25 over transactions worth Dh500,000.
The Abu Dhabi Securities Exchange General Index increased by 3.8 per cent, closing at 4615 points, with the Dubai Financial Market General Index growing by 2.4 per cent to 3566 points.
The launch of trading over the new share of the new banking entity drove sentiments high among foreign investors, according to market brokers, who said that a number of foreign companies raised the value of their investments, encouraging other players to pump more cash into the market.
Bullish Outlook
According to Emirates News Agency (Wam), analysis there is a widespread belief that shares will continue to move high over the coming days, specially with the approaching disclosure of financial statements of the first quarter of the year on the one hand and foreign companies continuing to increase their investments on the other.
A select of brokerage companies have expected the profitability of a number of leaders to increase over the first quarter of the year, specially those listed at the banking and real estate sectors, comparatively with the same period last year. A total of 19656 transactions were conducted over five trading sessions today, the value of which amounted to around Dh3 billion.
With regards to advancing shares over the week, Emaar rose by 2.3 per cent to Dh7.47, while Al Ittihad Real Estate s share closed at Dh1.05, an increase of 8.4 per cent, regaining back its nominal value. Eshraq Properties share, listed at Abu Dhabi Financial Market, rose by 9.3 per cent to Dh1.17 over the same period.
Shares in Abu Dhabi National Energy Co., Taqa , has remarkably extended gains that drove them by 24. per cent to 57 fils despite its announced restructuring. The list of most profitable shares during the week also included Dubai Investment which closed at Dh2.55 and Dubai Islamic Bank which ended at Dh5.81.
– By Sheena Amos