By Thabet Shehata:
Dubai-Mubasher: The market capitalization of Dubai Financial Market (DFM) rose by 20.4% or nearly AED 54.87 billion during Thursday and Sunday’s sessions to reach AED 323.52 billion at the close of Sunday’s trading, compared with AED 268.65 billion on Wednesday, December, 17.
DFM General Index ended Thursday‘s session with a rise by 13%, which represents its biggest one-day gains in ten years. The surge followed a slump to record levels and was propelled by a rebound in oil prices in addition to the rise in the Saudi stock market.
Dubai market continued its bull run on Sunday, ending 10% higher to achieve a new price leap fueled by improving oil prices.
Thus, the benchmark gained 24% or 732 points during the two sessions to reach 3765.35 points, compared with 3003 points on Wednesday.
The UAE markets were mainly driven on Thursday by the rising oil prices in addition to the strong performance of Saudi Tadawul, said Kefah Al Maharmah, GM, Aldar for Shares and Bonds.
He told Mubasher that the previous slides took stocks down to attractive price levels, which fueled investor appetite to buy equities.
Drake & Scull (DSI) recorded the biggest market gains, soaring 32%, as it managed to recoup AED 480.2 million of its value during the two sessions.
Meanwhile, Commercial Bank of Dubai (CBD) tailed the list in terms of market gains, inching higher 0.78%. The stock gained AED 122 million to bring its market value to AED 14.57 billion at the close of Sunday’s session.
Ziad Dabbas, financial analyst, said the previous slump in the UAE markets was “exaggerated” but triggered more opportunities, which caused the recent rebound that was backed by rising oil prices.
Emaar Properties, which has the biggest market value, rose 30.7% to gain around AED 13 billion in two days, reaching AED 55.2 billion.
Arabtec also gained 28.3%, or AED 3 billion to bring its market value to AED 13.5 billion. The market value of DIB also increased by 30.87% or AED 26.65 billion to reach AED 62 billion. Emirates NBD gained 28.55% or AED 10.17 billion to reach AD 45.8 billion.
Translated by Sayed Abdel Rahman
Photo Credit: Arabianeye-Reuters
Dubai-Mubasher: The market capitalization of Dubai Financial Market (DFM) rose by 20.4% or nearly AED 54.87 billion during Thursday and Sunday’s sessions to reach AED 323.52 billion at the close of Sunday’s trading, compared with AED 268.65 billion on Wednesday, December, 17.
DFM General Index ended Thursday‘s session with a rise by 13%, which represents its biggest one-day gains in ten years. The surge followed a slump to record levels and was propelled by a rebound in oil prices in addition to the rise in the Saudi stock market.
Dubai market continued its bull run on Sunday, ending 10% higher to achieve a new price leap fueled by improving oil prices.
Thus, the benchmark gained 24% or 732 points during the two sessions to reach 3765.35 points, compared with 3003 points on Wednesday.
The UAE markets were mainly driven on Thursday by the rising oil prices in addition to the strong performance of Saudi Tadawul, said Kefah Al Maharmah, GM, Aldar for Shares and Bonds.
He told Mubasher that the previous slides took stocks down to attractive price levels, which fueled investor appetite to buy equities.
Drake & Scull (DSI) recorded the biggest market gains, soaring 32%, as it managed to recoup AED 480.2 million of its value during the two sessions.
Meanwhile, Commercial Bank of Dubai (CBD) tailed the list in terms of market gains, inching higher 0.78%. The stock gained AED 122 million to bring its market value to AED 14.57 billion at the close of Sunday’s session.
Ziad Dabbas, financial analyst, said the previous slump in the UAE markets was “exaggerated” but triggered more opportunities, which caused the recent rebound that was backed by rising oil prices.
Emaar Properties, which has the biggest market value, rose 30.7% to gain around AED 13 billion in two days, reaching AED 55.2 billion.
Arabtec also gained 28.3%, or AED 3 billion to bring its market value to AED 13.5 billion. The market value of DIB also increased by 30.87% or AED 26.65 billion to reach AED 62 billion. Emirates NBD gained 28.55% or AED 10.17 billion to reach AD 45.8 billion.
Translated by Sayed Abdel Rahman
Photo Credit: Arabianeye-Reuters
Source:
Mubasher Exclusive
