UAE financial market indices rose at the close of trading on Tuesday, amid expectations that the US Federal Reserve will reduce interest rates during 2024.
According to data from the UAE financial markets, the Dubai Financial Market’s gains amounted to 2.86 billion dirhams, while the Abu Dhabi Securities Market lost 13.25 billion dirhams.
At the end of today's trading, the Dubai and Abu Dhabi stock exchanges attracted liquidity amounting to 1.42 billion dirhams, distributed over 22,485 thousand transactions.
The Dubai Financial Market index rose by 0.77 percent to the level of 4091 points, amid transactions of 154.268 million shares worth 349.049 million dirhams.
This came amid a rise in the shares of Amanat Holding Company by 5 percent, Dubai Islamic Insurance and Reinsurance by 10.59 percent, Dubai Investments by 3 percent, Dubai Taxi by 0.93 percent, and Emaar Properties by 0.75 percent.
The market value of Dubai shares reached 689.356 billion dirhams at the close of trading today, compared to 686.505 billion dirhams at the close of trading on Friday, with gains amounting to 2.86 billion dirhams.
The Abu Dhabi Securities Market index also rose by 0.105 percent to the level of 9,587 points, amid transactions of 231.841 million shares worth 1.071 billion dirhams.
This came amid a rise in shares of Abu Dhabi Islamic Bank by 0.59 percent, ADNOC Drilling by 1.06 percent, Aldar Properties by 2.06 percent, and ADNOC Logistics by 6.27 percent.
The market value of Abu Dhabi shares reached 2.861 trillion dirhams at the close of trading today, compared to 2.874 trillion dirhams at the close of trading on Friday, with losses amounting to 13.25 billion dirhams.
It is noteworthy that the UAE financial markets suspended work yesterday, Monday, on the Abu Dhabi and Dubai stock exchanges on the occasion of New Year’s Day 2024.
According to a survey conducted by Mubasher based on UAE financial market data, the Dubai Financial Market recorded market gains amounting to 106.019 billion dirhams, and the Abu Dhabi Securities Market achieved market profits amounting to 326.101 billion dirhams, with total gains amounting to 432.12 billion dirhams, equivalent to 117.67 billion dollars during the year 2023.
Since the beginning of the year, the Dubai Financial Market Index has jumped by about 21.67 percent, reaching the level of 4059 points, compared to about 3336 points, at the end of the session on Friday, December 30, 2022.
While the Abu Dhabi Securities Market index decreased during the year 2023 by 5.99 percent, reaching the level of 9577 points, compared to about 10188 points in the last sessions of last year.
