UAE Stock Market Sees Mixed Performance as Real Estate and Industry Stocks Pressure Markets; Foreign Investors Shift Towards Liquidation, Technology Shares Rebound
The UAE stock market saw a decline at the end of the week’s trading due to pressure from real estate, some banks, utilities and industry stocks. Sessions were volatile as foreign investors shifted towards liquidation in exchange for local purchases. Technology shares on the capital market saw a rebound, with companies like “Brissite,” “Phoenix Group,” and “Bayanat” experiencing significant increases. Additionally, “GFH” recorded strong gains in both Dubai and Abu Dhabi markets.
Banks in the UAE experienced mixed performance during the five trading sessions. In Dubai, “Emirates NBD,” “Commercial Dubai,” and “Mashreq Bank” saw increases while Dubai Islamic experienced a decline. In the capital market, shares of “First Abu Dhabi” and “Ras Al Khaimah National” decreased while “Abu Dhabi Commercial” and “Abu Dhabi Islamic” rose.
Foreign investors, particularly non-Arabs, moved towards liquidation during the week with significant proceeds from sales in both Abu Dhabi and Dubai markets. The total weekly liquidity in the UAE stock market was substantial with a significant amount of shares traded in both Abu Dhabi and Dubai markets.
The Dubai market index fell by 0.6% during the week while the Abu Dhabi market index also experienced a decline of 0.9% due to decreases in various sectors including finance, real estate, communications, industry and utilities stocks. Overall, investment portfolios showed varying levels of activity with some sectors seeing increased buying activity while others experienced more sales.
