Dubai announces good news after reaching its highest level in 10 years

Abdallah Shahin - | Business

Dubai recently shared positive news regarding the Dubai Financial Market Index, which reached its highest point in over a decade at the close of trading two days ago. This increase was driven by strategic purchases of prominent stocks with robust financial standings, which coincided with the release of annual business performance reports.

The local stock markets experienced a rise in gains at the conclusion of trading, with their market capitalization increasing by approximately four billion dirhams. This resulted in a total market capitalization of 3.596 trillion dirhams, compared to 3.592 trillion dirhams at the end of the previous session. The Abu Dhabi Securities Market accounted for 2.872 trillion dirhams, while the Dubai Financial Market contributed around 723.6 billion dirhams.

Yesterday's session saw shares in the Abu Dhabi and Dubai markets attract liquidity totaling approximately 1.28 billion dirhams. Of this, 959.94 million dirhams were distributed in the Abu Dhabi market and 328.35 million dirhams in the Dubai market. The trading activity involved approximately 510.52 million shares and over 24.37 thousand transactions.

The Dubai market index experienced a growth of around 0.36%, reaching a level of 4238.95 points. This marks the highest level observed since November 2014. Similarly, the Abu Dhabi General Market index, often known as "Fadji," increased by 0.47% to reach a level of 9395.03 points.

The Dubai market index experienced an increase due to the ongoing growth of "Emaar Properties" shares, which rose by 0.62% to reach 8.05 dirhams. The company also ranked first in terms of trading activity, with a liquidity volume of approximately 82.4 million dirhams. This surge occurred after the company's board of directors recommended distributing cash dividends to shareholders, amounting to 82.4 million dirhams. The dividend payout for the year 2023 is 50% or 50 fils per share of stock.

The share price of "Union Properties" increased by the maximum estimated rate of 14.91%, reaching 0.316 dirhams. The trading volume was 32.52 million dirhams. This increase coincided with the company's announcement of positive results and significant progress in terms of cost efficiency and debt restructuring, resulting in improved earnings per share. In 2023, the share price of "Emaar Development"decreased by 0.27% to 0.1890 dirhams per share, resulting in a liquidity of approximately 28.44 million dirhams.

The stock of "International Holding" in the Abu Dhabi market has gained a stronger position among the most active stocks, with a liquidity of 203.76 million dirhams, stabilizing at 399.6 dirhams. Following closely in terms of activity is the "Americana" stock, with a liquidity of approximately 76.39 million dirhams, experiencing an 11.15% increase after announcing a net increase. The company's net profit, which may be attributed to its shareholders, experienced a modest 0.1% growth in the previous year, amounting to $259.5 million. In contrast, the value of "Alpha Dhabi" shares decreased by 1.3%, reaching approximately 74.66 million dirhams.

According to financial markets analyst Mahmoud Atta, the positive outcomes of Union Properties Company's efforts have boosted traders' confidence in the potential for listed stocks and companies to rebound strongly in the face of increasing economic growth in the country, despite global challenges. As a result, the Dubai Financial Market index has had the chance to reach historic levels.

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Abdallah Shahin
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