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ABU DHABI / WAM
UAE stock markets continued their gaining streak on April 5, with the share of the new First Abu Dhabi Bank, (Ticker NBAD), maintaining its upward rise up to AED 11.35, supported by a buying spree by foreign and local investors. Transactions over the new share hit AED 375 million, an-all-time high in years, ahead of its reported inclusion in the FTSE Emerging Markets Index.
Amidst increasing optimism, the market share value of the companies listed at Abu Dhabi and Dubai financial markets booked around AED8 billion, bringing the total gains over the past three sessions to a total of AED21 billion. According to WAM daily analysis, Abu Dhabi Securities Exchange General Index jumped by 2.22%, to reach 4640 points, an all-time-high in several months. Dubai Financial Market General Index closed at 3573 points, a 0.38 percent increase over last day’s session.
A total of 5560 transactions were conducted at the two markets over 356 million shares worth AED900 million. According to market brokers, the gains reaped went beyond expectations, reaching their highest levels for a long time, expressing belief that the leading stocks will continue to hike, specially those listed at the real estate and banking sectors. With regards to leaders, EMAAR continued its rising streak, reaching AED 7.50 while Etisalat was up to AED 18.2. With regards to the stocks of dual-listed companies, GFH’s share was a best performer, rising to AED2.48, recording AED72 million worth of trading.
The advancing shares continued to outnumber declining ones for the third day in a row, with shares of 32 out of 60 companies closing high, 14 companies down and 14 companies’ shares closing at their last traded prices.