Foreign ownership in four Dubai-listed companies jumped to about 1.13 billion shares last week in the wake of inclusion of UAE firms in the London's FTSE indices, according to an Al Bayan newspaper report.
The value of foreign ownership in the four companies – Arabtec, Emaar, DFM Company and Dubai Islamic Bank - reached Dh3.84 billion at the close of Thursday’s session from Dh2.91 billion at the close of the previous day.
Foreign investors bought about 24 million shares valued at Dh174.26m which analysts attributed the inclusion of local companies in the London's FTSE index.
Analysts said the continued flow of foreign investment into local stock markets in the recent days has revived the market and gave a strong indication of market gaining confidence.
“There is a growing interest in large equity shares by foreigners in the Dubai Financial Market, especially by major global investment managers,” an analyst said.
The big percentage increase in foreign ownership was seen in Arabtec. Foreign ownership increase to 23.06 per cent ort 275.8 million last week compared to 22.86 per cent or 273.41 million shares in the previous week.
The proportion of Gulf investors in the company is about 13.96 per cent and about 8.41 per cent for Arab investors respectively at the end of the previous week.
The proportion of foreign ownership in Emaar shares came second as the number of shares owned by foreigners reached 502.92 million, of 8.25 per cent of the total last week against 491.95 million shares in the previous week.
The percentage of Gulf investors in the company is 9.08 per cent and other Arab investors at 3.9 per cent last week against 9.05 per cent and 4.1 per cent respectively at the end of the previous week.
The proportion of foreign ownership in DFM Company shares rose to 3.56 per cent compared to 3.51 per cent. While the proportion of foreign ownership in DIB shares rose to two per cent last week from 1.9 per cent in the previous week.
Gulf investors control 4.49 per cent while other Arab nationals own 2.53 per cent of the bank last week as against 4.44 per cent and 2.57 per cent, respectively, in the previous week.