Strong Week for Dubai Stocks

Strong Week for Dubai Stocks

Strong Week for Dubai Stocks

UAE markets saw a bullish trend this week, ratcheting gains booked by trading companies across five sessions to break the AED21 billion mark, with ADX and DFM indices recording one-month high gains at the end of today’s session, rising 2.46 percent and 1.23 respectively.

Across the week, ADX General Index increased 2.6 percent reaching 4512 points, gaining 116 points, with the DFM General Index rising 4 percent to close at 3537 points, earning 136 points for the same period.

According to market analysts, several companies have managed across the week to break new price tags, which augurs well for more improvement for the coming days during which the trading companies will reveal their 2017 first half financial statements.

Over the week’s five sessions, transactions worth AED2.3 billion were conducted, AED1.63 billion of which at DFM where Damaac was the best performer, gaining 21.5 percent, closing at AED4.01 from AED3.30, followed by Arabtec which increased by 9.3 percent to close high at AED3.53 from AED 3.23 in the beginning of the week, then the Union Property which got up 5.5 percent from AED0.915 to 96 fils.

Emaar Malls rose 5 percent, rising from AED2.40 to AED2.52, while Emaar increased 2.1 percent from AED7.77 to AED7.94, getting nearer to break the AED8 mark during the coming week.

Dubai Mercantile Exchange (DME) announced that PETCO has successfully sold 600,000 barrels of Kimanis Light Sweet crude on the “DME Auctions” platform. PETCO is now the first non-Middle Eastern producer to use the auctions platform Some 17 participants representing different companies submitted 10 bids during the 2 minutes window, and the 600,000 barrels cargo was awarded at a premium of 4 cents over the floor price set by PETCO.

Abu Dhabi’s 2016 Gross Domestic Product at current prices surged to AED791.371 billion, posting an annual growth of 2.8 percent over 2015 GDP of AED770.11, with non-oil activities contributing a staggering and unprecedented 72.5 percent of the GDP- the highest since the emirate’s shipment of its first crude in the1960s , according to the Statistics Centre- Abu Dhabi, SCAD.

This came in the SCAD’s Statistical Yearbook, SYB, of the Emirate of Abu Dhabi – 2016, released Wednesday. One of the SCAD’s key publications, the SYB meets the needs of decision makers, the business community, researchers and all other segments of data users.

Commenting on the launch, Butti Ahmed Al Qubaisi, Director General of SCAD, said the SYB 2016 sheds light on a whole range of development indicators in Abu Dhabi, over the past few years, tracking the progress achieved under the wise leadership of President His Highness Sheikh Khalifa bin Zayed Al Nahyan; and the unlimited support of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.

According to the SYB, the annual per capita GDP amounted to AED267.8 thousand, which is considered among the world’s highest and the total fixed capital formation was AED167.227 billion in 2016, while the compensation of employees was AED227.743.

Reflecting the Emirate’s robust and highly developed level of commercial activity and the significance of foreign trade to the economy in general, non-oil activities contributed a staggering and unprecedented 72.5 percent of the GDP- the highest since the emirate’s shipment of its first crude in the1960s , according to the Statistics Centre- Abu Dhabi, SCAD.

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Shayne Heffernan Funds Manager at HEFFX holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.

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