Image of Dubai used for illustrative purpose only Image Credit: Shutterstock
In the last week, stock markets in the UAE experienced remarkable growth. AED 61 billion was added to the market capitalization of all securities traded in these markets. These increases were mainly inspired by the real estate, finance and industrial sectors.
Abu Dhabi Securities Exchange topped best performers list with an increase of AED 52.8 billion while Dubai Financial Market (DFM) registered an additional amount of AED 8 billion. As a result, there was an overall surge in total market capitalization of listed shares from AED 3.531 trillion last Friday to AED 3.591 trillion at closure today. Thus, ADX listed stocks amounted to AED 2.858 trillion while that of DFM was AED 733.3 billion
The FTSE ADX General Index (FADGI) surged by 1.75%, or 163.12 points, finishing at 9,448.05 points while FADGI 15 grew by 1.52%, adding 140.4 points to close at 9,362 .89 points respectively .Abu Dhabi’s major sectors such as real estate (3.1%), industry (2.96%) and finance (1.87%) were leading contributors .The utilities sector had the highest performance increase at 5.53%.
The DFM General Index increased by 1.1%, or 47.4 points to close at 4,37215 points with the real estate sector rising by 3.2%, as well as financial (1.38%), telecommunications (1.11%) and industrial (0.48%) sectors.
The week’s strong market performance is a reflection of investor confidence and positive momentum
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