Dubai Financial Market surges 3.95%, its biggest daily gain since April, as market value tops Dh1 trillion again

Dubai: The Dubai Financial Market closed yesterday’s trading session up by 3.95%, or 229.88 points, the largest daily rise since the session of April 8, to close above the 6040.74 point level, supported by an almost collective rise in the leading sectors’ stocks, most notably real estate, industry and banks. The market capitalisation of Dubai Financial Market (DFM) surpassed the Dh1 trillion mark again at the end of yesterday’s session, compared to Dh967.22 billion at the end of trading the day before yesterday, with gains of approximately Dh33.85 billion. The market's performance was supported by a near-universal rise in the shares of leading sectors, most notably the real estate sector (up 4.2%), industry (up 4.14%), banks (up 3.99%), telecommunications (up 7.81%), utilities (up 1.44%), basic consumer goods (up 2.63%), and luxury consumer goods (up 0.13%). During yesterday’s trading, foreign (non-Arab) investors in the Dubai Financial Market turned to buying with a net investment of approximately Dh227.02 million, after recording purchases worth Dh895.63 million, compared to sales worth Dh668.61 million. Shares listed on the Dubai market attracted liquidity exceeding Dh2.1 billion, after trading on approximately 371.89 million shares and executing 28,660 transactions. Shares of six companies listed on the Dubai Financial Market – Emaar Properties, Emaar Development, Emirates NBD, Dubai Islamic Bank, Emirates Integrated Telecommunications Company (du), and Talabat – accounted for more than 87.31% of the market's liquidity at the end of trading yesterday. According to market data, the total trading value of the six stocks reached approximately Dh1.84 billion, while the total trading value in the Dubai Financial Market as a whole reached approximately Dh2.1 billion. Emaar Properties and Emaar Development shares led market activity in terms of liquidity, rising 4.4% and 4.89% respectively, after the former announced its intention to submit a voluntary cash tender offer to acquire up to 100% of the issued and paid-up capital of the latter. The two companies’ shares accounted for 75.83% of the total market liquidity, with trading volumes exceeding Dh1.59 billion.