1.8 billion dirhams, shares gain during the weekend session – Economy...

1.8 billion dirhams, shares gain during the weekend session – Economy...
1.8 billion dirhams, shares gain during the weekend session – Economy...

During yesterday’s session, local financial markets achieved market gains of 1.8 billion dirhams, and the market value of local shares recorded 988.025 billion dirhams, compared to the day before yesterday at a value of 986.265 billion dirhams.

The general index of the Abu Dhabi Securities Exchange increased by 0.4%, closing at 4,512 points, while the general index of the Financial Market closed at 2,214 points, a growth of 0.07%.

In addition, two financial analysts said that the markets are still in a state of anticipation for the news of the “Arabtec” company, whose liquidation decision came as a shock to investors in the local markets.

They indicated to “Emirates Today”, that the company’s conditions and what they will lead to is an indicator for the rest of similar companies in their financial conditions.

Money markets

In detail, the local financial markets ended their transactions on the last day of the week, on the green square, in relation to the market value, as the market value of the shares of traded companies succeeded in achieving gains of 1.8 billion dirhams, during Thursday’s session.

The general index of the Abu Dhabi Securities Exchange increased by 0.4%, closing at 4,512 points, while the general index of the Dubai Financial Market closed at 2,214 points, a growth of 0.07% compared to the previous day’s session.

The shares of First Abu Dhabi Bank topped the first place in the Abu Dhabi Securities Market trading and closed at 11.16 dirhams, amid transactions that exceeded 81 million dirhams, in addition to the Abu Dhabi Commercial Bank, which closed at 5.6 dirhams.

The share of the International Holding Company reached the level of 38.7 dirhams.

Dubai market

In the Dubai Financial Market, support came from Dubai Islamic Bank shares, which closed at 4.23 dirhams, along with Emaar Malls, which closed at 1.44 dirhams, and Air Arabia rose to 1.09 dirhams.

The value of the deals concluded in the two markets amounted to 456 million dirhams, while the number of traded shares reached 220 million, executed through 4443 transactions.

Sentry

For his part, the manager at Al-Ansari Financial Services Company, Abdul Qader Shaath, said, “The market is dominated by a state of anticipation for what the situation of (Arabtec) will lead to after its general assembly voted at the beginning of this month to liquidate and dissolve it, which increased the anticipation process in the Dubai Financial Market. , And appeared in the low volume of liquidity in the market, which is the lowest liquidity volume in nearly two months. As for the Abu Dhabi Securities Market, liquidity focused on the leading stocks, and there is a weakness in investor demand.

Shaath pointed out that the final decisions of the board of directors of «Arabtec» do not affect it only, but will affect the Dubai Financial Market, especially since there are a number of companies whose circumstances are similar to that of «Arabtec».

He pointed out that the good thing is that investors in the markets have begun to think about what comes after the “Arabtec” stage, and how to build financial positions in good companies with financial assets.

He noted that despite this, there is a state of optimism supported by the rise in global markets, after the recovery of US President Donald , in addition to reports that deal with the positive outlook of the UAE economy during the coming period.

Oscillation condition

For his part, financial analyst Jamal Ajaj said, “The main reason for the volatility that the markets are experiencing is the state of anticipation, after the shock of the general assembly of (Arabtec)”, expecting that the company will be liquidated, noting that despite this There are factors calling for optimism, including the rise in global indicators after Trump’s recovery, and positive reports that confirm the strength of the national economy, including the decision by the Institute of International Finance to raise the expectations of the recovery and economic growth of the UAE from 2.9% last June to 3.1%.

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