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UAE stocks see gains, with trading volume reaching 1.47 billion dirhams

Byeditor

Apr 3, 2024

UAE stocks saw continued gains on Tuesday, supported by leading real estate companies in Dubai and major banks in Abu Dhabi. Most other leading stocks remained stable, with some companies seeing partial profit-taking. The Dubai market index rose by 0.14% while the Abu Dhabi market index rose by 0.08%.

Foreign (non-Arab) investors contributed to the market with a net investment amounting to 126 million dirhams, with 94.7 million dirhams in Dubai and 31.1 million dirhams in Abu Dhabi. Emaar Properties and Emaar Development saw increases in their share prices, while Union Properties experienced some profit-taking. In Abu Dhabi, bank shares like First Abu Dhabi, Abu Dhabi Commercial, and Abu Dhabi Islamic continued to support the market index.

Liquidity in the markets totaled 1.47 billion dirhams, with 988 million dirhams in Abu Dhabi and 483.7 million dirhams in Dubai. The Abu Dhabi market saw an increase in sectoral indices for financial, communications, and health care stocks, while there was a decline in the energy and industry sectors.

In Dubai, the real estate sector shares rose, while the banks remained stable. The utilities and industrial sectors saw a decline. The shares of Emirates NBD, Dubai Islamic, Dubai Financial, and Dubai Commercial stabilized, while some companies saw a decrease in their share prices.

Trading in Abu Dhabi was led by International Holding and Alpha Dhabi, while in Dubai, Emaar Properties saw the highest trading volumes. Nationalities in the Abu Dhabi market showed different patterns of buying and selling, with Gulf and foreign investors tending to buy. In Dubai, Gulf and foreign investors also showed a preference for buying.

Overall, the UAE stock market maintained its gains on Tuesday, with a mix of stable performance and increases in various sectors. Foreign investment and trading activity remained active, reflecting continued interest in the region’s stocks.

By editor

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