The UAE stock market indices declined during the period from the beginning of the year until the end of May 2024 (5 months), in light of the escalation of geopolitical events in the Middle East, and anticipation of the Federal Reserve’s decisions regarding interest rates.
According to a report based on data from the UAE financial markets, the Dubai Financial Market recorded market losses of AED 16.483 billion, and the Abu Dhabi Securities Market incurred market losses of AED 289 billion, with total losses of AED 305.483 billion.
The Dubai Financial Market index fell by about 2.02 percent to 3,977 points by the end of last May, compared to about 4,059 points at the end of December sessions last year.
The market value of Dubai stocks recorded 670.022 billion dirhams at the end of the last session in May, compared to about 686.505 billion dirhams in the last session of last year, with market losses amounting to 16.483 billion dirhams.
The Abu Dhabi Securities Market index also fell by 7.46 percent, to 8,862 points by the end of May, compared to about 9,577 points in the last session of last year.
The market value of Abu Dhabi shares recorded a value of 2.585 trillion dirhams by the end of May, compared to a value of 2.874 trillion dirhams in the last session of 2023, recording market losses of 289 billion dirhams.
It is noteworthy that the performance of the UAE financial market indices varied at the end of the last sessions of 2023, with increasing expectations of a reduction in US interest rates in early 2024.
According to a survey conducted by Mubasher based on data from the UAE financial markets, the Dubai Financial Market recorded market gains of AED 106.019 billion, and the Abu Dhabi Securities Market achieved market gains of AED 326.101 billion, with total gains of AED 432.12 billion, equivalent to $117.67 billion.
The UAE financial markets also witnessed 8 initial public offerings of new public joint stock companies during 2023, which enhances their investment attractiveness and attracts a new segment of investors.
Amid record demand from investors, sovereign funds and global investment portfolios, these offerings raised nearly AED 22.4 billion, according to data from the Dubai and Abu Dhabi financial markets.
Public subscriptions in the UAE markets were distributed during the current year, with 6 subscriptions, with a total value exceeding 20.4 billion dirhams in the Abu Dhabi Securities Market, in addition to two public subscriptions in the Dubai Financial Market, which are Al Ansari Financial Services and Dubai Taxi.
The IPOs included Fertiglobe, ADNOC Drilling, Alpha Dhabi and Multiply Group, as the new offerings pave the way for companies to begin their journey in the UAE markets.
