Thursday, October 17, 2019
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DFM, ADX Index rise

Abu Dhabi: The DFM General Index went up 0.90 per cent on Wednesday to end at 4,728.38, while the Abu Dhabi Securities Index rose 0.45 per cent to end at 5,108.75.

Mohammad Al Hammadi, an economic research and independent investor, said the rise in both markets marks a balance given that there has been a drop over the past few days.

“Buyers were quite reserved over the last two days, which is why we noticed a drop in the market. But now, they’re gaining confidence in stocks so the market is up again,” he explained.

Al Hammadi added that some stocks still have not reached their potential, and expected to see higher prices from companies that are announcing positive performance. “Investors currently see liquidity in the market, so they’re entering again. Obviously, with Dubai hosting the Expo 2020, people are more encouraged to enter the market, and especially invest in real estate companies, which is the strongest sector at the moment,” he said.

Al Hammadi expected real estate to remain a strong sector on the medium and long term. He also projected that property developer, Emaar, will have pricier shares that might reach Dh12 or Dh15 per share.

In Dubai, Deyaar Development showed the most change in value with a 1.99 per cent increase. Meanwhile, Union Properties rose 1.80 per cent, Arabtec climbed 1.46 per cent, and Tabreed continued to increase by 0.78 per cent.

In the capital, Eshraq Properties registered the most change in volume with a 5.24 per cent increase, while Aldar Properties rose 1.95 per cent, and Dana Gas ended with a 1.10 per cent increase in volume.

Of the 31 stocks traded on DFM, 17 advanced, seven declined, and seven remained unchanged. On the ADX, of the 35 traded stocks, 19 advanced, nine dropped, and seven remained flat.