Dubai Market (DFM) yesterday posted to its biggest daily gain in five weeks, rising to a three-month high of 1.59%, or 54.5 points, to 3494.44 points, supported by a rise in real estate stocks led by Damac and Arabtec. A total of 279 Million Shares were traded with a trade value of 419 Million AED.
The Abu Dhabi market rose marginally by 0.02% to close at 4409.53 points after successfully wiping out all its early losses, helped by the rise of Etisalat and Aldar. 78.29 million shares were traded with a value of 153.6 Million AED. Domestic equity markets rallied yesterday for a second consecutive session as investors were optimistic about a planned offering of one of ADNOC’s arms, contributing to an improved liquidity level of over AED 500 million.
Liquidity levels in the two markets rose 47% to 572.6 million, with 357.6 million shares exchanged through 6117 transactions, with a market capitalization of AED 4.27 billion, of which AED 3.75 billion in Dubai and 517.5 million in Abu Dhabi.
Fadi Al-Ghaithis, chief executive of Mindkraft Consulting, said stocks continued to perform positively, buoyed by investors’ optimism about second-quarter earnings, which is evident in the continued buying and consolidation of leading stocks, especially in the real estate sector.
Damac was the top gainer in the market after gaining 10.7% to its highest level ever. Arabtec Holding surged 3.51% with heavy trading to lead the market in terms of value after exceeding 95.6 million dirhams. News on ADNOC Distribution increased investor sentiment and contributed to an increase in equity buying and improved liquidity levels.
Dubai market is moving close to the resistance level at 3550 and if exceeded, it will target 3700 points in the short term, and the stock markets will continue their activity in the coming period, especially as restricted companies started to announce a growth in profits.
The Abu Dhabi stock market was on the rise after dropping at the beginning of the session, led by the rise of «Etisalat» by 1.14%, and real estate shares led by Ashraq, «Manazel» and «Aldar» by 2.13% and 1.92% and 0.86% respectively .