Investors remain optimistic on liquidity of UAE stock markets
Shares of First Abu Dhabi Bank witnessed active transactions that exceeded the value of Dh111 million.
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. - Wam
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