Foreign investments in UAE stock markets at Dhs104.3b

11/09/2017 05:49 AST

The market value of foreign investments at UAE stock markets hit Dhs104.3 billion during August, maintaining their July levels.

According to a market analysis by WAM, non-Arab investors continued their selective purchases at the Dubai Financial Market, with the value of their shares amounting to Dhs42.2 billion by the end of August, a growth of 1.5 per cent from Dhs41.5 billion in July.

At Abu Dhabi Securities Exchange, the value of non-Arab investors hit Dhs30.56 billion during the monitored period, down 1.5 per cent from Dhs31.1 billion in July, with market analysts claiming that this category of foreign investors seized the beaten-out prices of some leaders and went on a buying spree that drove the prices up.

In the meantime, GCC investors opted for profit booking by selling some shares, to reap quick gains, with their share market value standing at Dhs24.842 billion in August against Dhs24.9 billion in July, Dhs10.396 billion of which at ADX and Dhs14.44 billion at DFM.

Market capitalisation of Arab investments at both bourses went down to Dhs6.7 billion in August from Dhs6.86 billion in July, with real state shares along with Etisalat continuing to be among the most attractive shares wooing foreign investors in general for the second month running on both markets.

Meanwhile, stock markets in the Middle East were mixed in narrow ranges on Sunday, with banks and petrochemicals supporting Saudi Arabia.

The Saudi index rose 0.2 per cent. All but two of the 14 listed petrochemical shares advanced after a pick-up in oil prices at the end of last week, with small polymer maker Nama Chemicals surging 9.5 per cent in unusually heavy trade.

Two-thirds of the 12 listed banks rose with Banque Saudi Fransi, the best performer, climbing 3.8 percent.

Dubai’s index edged up 0.1 per cent, as builder Drake & Scull rose 1.1 per cent in active trade after news that the company’s chairman, Majid al Ghurair, had resigned for “personal reasons”.

DSI will elect a new chairman at board of directors meeting on Tuesday. In Abu Dhabi, Dana Gas added 1.2 per cent and was again Abu Dhabi’s most heavily traded stock, accounting for almost two-thirds of trading volume.

Last week it surged 28 per cent in response to the company’s deal to receive hundreds of millions of dollars in payments from the government of Iraqi Kurdistan. The deal clears the way for Dana to resume expanding gas production in the area over the long term.

The Gulf Today