The divergence of local financial markets and Dubai is holding together with the support of two shares
The performance of energy stocks varied with the decline in international oil prices
DEWA shares grab 36% of the Dubai market’s liquidity in its third session
The performance of the UAE financial markets varied at the conclusion of today’s session, causing the Abu Dhabi market to fall below 10,000 points under the pressure of the First Abu Dhabi drop, compared to the marginal rise of the Dubai market and its cohesion, supported by the rise of Emaar Properties and Dubai Islamic.
In conclusion, the performance of energy stocks varied with the decline in oil prices, while the decline dominated the real estate shares, unlike Emaar Properties, which strengthened the cohesion of the Dubai Financial Market.
UAE stocks attracted a liquidity impetus during today’s trading, exceeding 2.11 billion dirhams, and concentrated in 4 stocks, led by Global Holding.
The performance of local financial markets came in conjunction with the decline in global oil prices, with US oil inventories rising more than expected in the face of global supply shortages.
Today’s session witnessed a rise of 34 shares, compared to a decline of 39 shares in both markets together.
Positive outlook and global developments
For his part, Raed Diab, Vice President of Investment Research and Strategies at Kamco Invest, said that the performance of the UAE markets varied during today’s session, as the Abu Dhabi market index declined after recording a new historical level in Tuesday’s session at 10,171 points, while the Dubai index managed to maintain its gains after The listing of DEWA shares and the offering, which was the largest in the region after Saudi Aramco.
Diab indicated that the general outlook for the Abu Dhabi market is still positive, but it seems that there is some caution, as the First Abu Dhabi stock declined after its withdrawal from buying a stake in EFG-Hermes, while global markets, including the American ones, are oscillating with data issued on inflation, which reached levels not seen. Four decades ago, which would increase speculation about more monetary tightening by the Fed and the expected 50 basis points rise in the US interest rate in the next meeting, followed by several expected increases as well, while the Fed preceded some global central banks by increasing interest rates.
He continued, “The same is true for oil prices, as they continue to fluctuate in light of the continuing military conflict between Russia and Ukraine and concerns about supplies, while China eased the restrictions that were imposed on some cities after the outbreak of the Corona virus, while the decision of the International Energy Agency and the US Energy Information Administration eased. From the release of millions of barrels of oil from the strategic reserve, from the strong rise in prices.”
The Deputy Research Department stated that the volatility in the UAE markets is likely to continue, pending new stimuli, such as the financial results of the listed companies for the first quarter of this year, noting that the atmosphere is positive with the expected listings in the coming period, more expected flows and high oil prices.
Abu Dhabi market
The Abu Dhabi FTSE Securities Market Index declined at the close of today’s session by 1.406% at the level of 9947 points, pressured by the performance of First Abu Dhabi after announcing the withdrawal of the non-binding offer regarding the acquisition of the majority stake in the Egyptian financial group Hermes.
The value of trading in the Abu Dhabi market amounted to 1.45 billion dirhams, while the trading volume amounted to 292.05 million shares.
The performance of the market coincided with the decline of the First Abu Dhabi share by 3.25%, and Aldar Properties fell by 0.96%, while the global holding declined marginally by 0.05%.
Also, Alfazby decreased by 0.37%, while Q Holding increased by 8.62%, while Multiplay increased by 0.57%, Ishraq declined by 0.97% and Vertiglobe decreased by 2.3%.
Etisalat Group decreased by 1.08%, while Ras Al Khaimah Real Estate rose by 4.08% and Abu Dhabi Ports rose by 4.83%.
Regarding the performance of energy shares, Taqa rose by 3.01%, ADNOC Distribution rose by 0.24%, ADNOC Drilling decreased by 0.55%, and Dana declined by 1.63%.
During today’s session, Abu Dhabi Islamic rose by 0.34%, while Abu Dhabi Commercial declined by 1.33%, and Ras Al-Khaimah Bank decreased by 0.95%.
Global Holding shares topped the shares in terms of trading value, executing about 284.376 million dirhams, followed by Aldar Properties with a value of 282.812 million dirhams, then First Abu Dhabi with a value of 224.799 million dirhams, while Aldar topped the shares in terms of trading volumes by 55.01 million shares.
The shares of 23 companies rose, while the shares of 25 companies declined, and the shares of 4 other companies were stable.
The market value of the Abu Dhabi market at the end of today’s session recorded 1.9057 trillion dirhams, compared to 1.9125 trillion dirhams in the previous session.
The Dubai Financial Market index rose at the close of today’s session by 0.07% at the level of 3584 points in the third trading session of DEWA, in conjunction with the rise of 11 stocks led by Emaar Properties and Dubai Islamic.
The value of trading on the Dubai Financial Market during today’s trading amounted to 665.196 billion dirhams, with a trading volume of 240.079 million shares, through 7,616 thousand deals.
The performance of the market coincided with the decline of the banking sector index by 0.03%, while the investment decreased by 1.32%, and the real estate sector index rose by 0.89%.
At the end of the day, DEWA declined in its third session by 1.77%, topping the shares in terms of trading value, by about 238.213 million dirhams.
The performance of the banking sector coincided with the decline of Emirates NBD by 1.66%, while Dubai Islamic rose by 1.45% and Dubai Commercial rose by 0.84%.
The performance of the real estate came with Emaar Properties increasing by 1.5%, while Deyaar Development decreased by 3.2%, Union Properties fell by 3.04% and Emaar Development fell by 0.22%.
Dubai Financial Market share fell by 3.35%, Aman rose by 0.9%, Gulf Navigation rose by 3.33% and Amlak rose by 0.17%.
Diwa shares topped the shares in terms of trading volume with 85.8 million shares, followed by Dubai market share with 85.8 million shares.
During today’s trading, 11 stocks rose, 14 stocks declined, while two stocks stabilized.
In the Dubai market, Oman Insurance issues about 11% of the rising shares, while the Emirates of Refreshments issues the descending shares of 3.51%.