KHALEEJ TIMES, Thursday, Sep 3, 2020 | Muharram 15, 1442
Investors remain optimistic on liquidity of UAE stock markets
Emirates:
UAE financial markets continued their upward trajectory for the second day of
their dealings in September, supported by optimism dominating the behaviour of
investors, which encouraged them to pump more liquidity, in turn boosting gains
of general indices.
The market value of traded companies' shares gained about Dh3.2 billion at the
close on Wednesday. Trading liquidity returned to approach the Dh1 billion
barrier in Wednesday's session, as the value of concluded deals reached Dh930
million and the number of traded shares reached 853 million executed through
9,002 transactions.
Wael Abu Muheisen, a financial expert, said that the state of optimism still
controls the behaviour of dealers, which contributes to the market's maintenance
of its upward approach, noting that a large part of the liquidity that is pumped
into the market during the past weeks belongs to local and foreign institutions
and portfolios.
Abu Muheisen expected the continued improvement in market transactions, which
will contribute to attracting more investors to trade in order to achieve the
largest amount of gains, whether in the short or medium level.
On Wednesday, the general index of the Abu Dhabi Securities Exchange rose to
4,547 points, an increase of 0.48 per cent, while the general index of the Dubai
Financial Market (DFM) closed at 2,259 points, an increase of 0.32 per cent.
Shares of First Abu Dhabi Bank witnessed active transactions that exceeded the
value of Dh111 million, which pushed the share to reach Dh11.52. A strong rise
in Aldar's shares also helped, amounting to Dh2.09 amid deals worth
approximately Dh110 million.
Shares of International Holding Company rose to Dh37.80, its highest level ever,
and the value of trades recorded on it exceeded Dh93 million.
In the DFM, Emaar Properties' share was up at Dh2.91 and Shuaa rose to 72 fils,
with trades exceeding Dh113 million. Some small stocks recorded good gains
despite their low weight in the general index.