Dubai Financial Market Index hits its highest point since September 2023

Last week, the Dubai Financial Market Index reached its highest level since September 2023, marking a notable increase of 2% to approximately 81.6 points.

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This surge translated into gains exceeding 10.8 billion dirhams, elevating the market capitalization of listed shares from 699.5 billion dirhams to 710.3 billion dirhams by the end of the trading session on the previous Friday.

In contrast, the Abu Dhabi Securities Market index experienced a 1.5% decline, equivalent to 144 points, settling at 9568 points compared to the preceding week's sessions. Despite this dip, the total market capitalization of stocks listed in local financial markets witnessed a modest increase from 3.668 trillion dirhams to 3.673 trillion dirhams.

Financial markets analyst Mahmoud Atta attributed the rise in the Dubai market index to positive business results from banks listed on the exchange. These banks demonstrated strong liquidity, reduced allocations, and adherence to capital regulations, positioning them well to confront sector challenges amid anticipated changes in the US Federal Reserve's policies, particularly concerning interest rates.

Atta expressed expectations that the Dubai market would continue to surpass the 4100-point level, driven by the anticipation of other companies announcing robust annual profits compared to those listed in other regional markets.

During the most recent trading session on Friday, local stocks attracted liquidity amounting to about 1.082 billion dirhams. The Abu Dhabi market saw 909.33 million dirhams in trades, while the Dubai market recorded 172.23 million dirhams. A total of 255.13 million shares were traded through over 19,003 transactions.

Despite the overall positive trend, the Dubai market index experienced a slight dip of 0.2%, while the Abu Dhabi market index declined by 0.6%. Notable trades included Emirates NBD Bank stock, the most traded in the Dubai market, which saw a 1.63% decline at 18.1 dirhams with trades approaching 36.18 million dirhams. In the Abu Dhabi market, the most traded stock was International Holding, remaining stable at 399.5 dirhams, with liquidity amounting to 205.054 million dirhams. The capitalization of the Dubai Financial Market reached 710 billion dirhams.

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