Today we are talking about how at the end of last week, the Dubai Financial Market regained its position, increasing the market capitalization by approximately 1.46 billion dirhams. This occurred against the backdrop of heightened attention on leading stocks and the subsequent disclosure of quarterly results by companies listed on the exchange this year.
The Dubai Financial Market Index also rose by 0.2%, which equates to 10 points and closed at 4470 points. The market capitalization of listed stocks grew from 744.21 billion dirhams at the end of trading on Thursday to over 745.67 billion dirhams by the end of trading yesterday.
During the trading session, the Dubai Financial Market Index rose by 0.37% to 4479.19 points with a turnover of 216.04 million dirhams, while the index of Abu Dhabi Securities Exchange (ADFG) increased by 0.08%, reaching a mark of 9203.53 points with a turnover of 926.76 million dirhams.
Purchases by investors from the Persian Gulf this week reached 27.55 million dirhams after 142.92 million dirhams of purchases and 115.37 million dirhams of sales. The total purchases of ordinary shares on the Dubai Financial Market amounted to approximately 734.34 million dirhams, while sales reached 668.49 million dirhams, marking a net positive balance of 65.85 million dirhams.
A member of the consulting council in the "Chartered Institute of Securities and Investment" Vadih Al-Taha noted that "the sequence of reports from banks will influence the direction of local markets." He stressed that a decrease in interest rates could affect the profit margins of these banks in the future.
Economic consultant on investments Din Kanaan pointed out that "there are several factors contributing to the strengthening of local financial markets, and one of the key ones is the results of companies' activities in the real estate sector, with expected strong results for the third quarter of this year." He also indicated that the results of banks, already announced, are good, despite some challenges, the main one of which is the decline in interest rates.
Economic consultant Mahmoud Atta suggested that some major banks, which are in financial markets, are likely to increase overall profits in the third quarter of 2024, predicting that companies in sectors not related to oil, such as real estate and tourism, are likely to show good growth in terms of both revenue and net profits, which indicates a positive trend in local financial markets in the coming two weeks.
