UAE markets rise on strong first-half financial results

Brokerage companies in the DFM added 20,552 new investor accounts in the first seven months of 2022



The DFM's benchmark index added 39.16 points and closed the day at 3,377.12 points as property and banking shares led the market. — File photo
The DFM's benchmark index added 39.16 points and closed the day at 3,377.12 points as property and banking shares led the market. — File photo
by

Muzaffar Rizvi

Published: Mon 1 Aug 2022, 5:52 PM

Last updated: Mon 1 Aug 2022, 5:53 PM

The Dubai stock market opened the week on positive note and climbed 1.17 per cent due to positive sentiments among local investors following strong financial results for first half reported by the listed companies.

The DFM's benchmark index added 39.16 points and closed the day at 3,377.12 points as property and banking shares led the market. Emirates NBD shares surged 2.17 per cent while property giant Emaar rose 0.54 per cent.

Air Arabia and Dubai Financial Market also supported the main index with 4.54 per cent and 2.33 per cent growth in their shares value on Monday.

“The Dubai stock market resumed its climb thanks to the positive sentiment among local investors that saw positive company earnings this season. These results exposed the strength of local fundamentals,” Wael Makarem, senior market strategist – Mena at Exness, told Khaleej Times.

In Abu Dhabi, main index rose 1.29 per cent, or 126 points, at 9,774.01 points as IHC shares surged 2.94 per cent. First Abu Dhabi Bank and Alpha Dhabi also rose 0.41 per cent and 0.16 per cent, respectively.

Makarem said the Abu Dhabi stock market could see positive performances and an extended uptrend as investors expect additional positive earnings results from listed companies.

“Strong figures from major companies helped reverse the market’s course last week,” he said.

DFM adds 20,552 new investor accounts

Meanwhile, the UAE market also witnessed significant momentum since the announcement of the listing of 10 governmental and semi-governmental companies, including the Dubai Electricity and Water Company (Dewa), the Tecom Group and Union Coop.

Brokerage companies in the DFM added 20,552 new investor accounts in the first seven months of 2022 compared to 5,306 in the corresponding period last year, reflecting a growth of 287 per cent.

Companies added 2,349 new accounts in July; 2,850 in June; 2,468 in May; 4,258 in April; 4,401 in March; 3,231 in February; and 995 in January, according to the latest DFM data.

BHM Capital Financial Services acquired the largest share of new investor accounts during this period, totalling 3,471; followed by Abu Dhabi Islamic Bank Securities with 2,855; then Emirates NBD Securities with 2,731; ADCB Securities with 1,369 accounts; International Securities with 1,192 accounts; and EFG Hermes with 1,081 accounts.

The 27 brokerage firms in the Dubai Financial Market executed over 1.41 million deals during the first seven months of this year, trading 40 billion shares valued at Dh98.25 billion.

— muzaffarrizvi@khaleejtimes.com


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