Shares of 10 Listed Banks on ADX and DFM Make Impressive Gains

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Shares of 10 Listed Banks on ADX and DFM Make Impressive Gains

The shares of 10 listed banks in the UAE’s financial markets – Abu Dhabi Securities Exchange (ADX) and Dubai Financial Market (DFM) – made impressive gains and attracted large liquidity since the beginning of this year, until the last trading session last Friday.

The shares of these 10 banks – seven on ADX and the remaining three on DFM, received around an estimated liquidity of $8.66 billion. While the ADX listed banks received $5.51 billion, those on DFM attracted $3.51 billion during the first seven months till July 28 this year.

On the whole, the total liquidity in the two markets reached $68.2 billion and they include $52.48 billion in the ADX, and $15.73 billion in the DFM. This strong performance by these 10 banks indicated the strong confidence reposed by the investors, both domestic and foreign.

ADX

The First Abu Dhabi (FAB) stocks topped the list of the banks in ADX since the beginning of the year, with $2.46 billion and the value of each share was put at $3.94.

The shares of Abu Dhabi Islamic Bank, which stood second in the list, rose 23.6% to $3.07, attracting $1.38 billion from 525.84 million shares, and Abu Dhabi Commercial Bank came in third place in terms of liquidity, with $980 million, through trading on 428.43 million shares.

The price of each share of Sharjah Islamic Bank rose by 18.5%, attracting liquidity of $117.01 million by trading 207.6 million shares, and the Commercial International Bank attracted liquidity of $82.02 million.

The shares of the United Arab Bank recorded the highest increase in trading in the banking sector in ADX by 71.8%, attracting a liquidity of $60.68 million.

DFM

In the Dubai Financial Market, Ajman Bank topped the list of shares that rose the most since the beginning of the year by 103%, closing at $0.60, and the bank has attracted a liquidity of $1.03 billion on 2.2 billion shares.

Emirates NBD came second, whose stock price increasing by 27.7% to reach $4.52, through a liquidity of $1.33 billion, by trading 349.7 million shares.

The share of Dubai Islamic Bank came third, up 0.5% at a price of $1. 56 dirhams, and attracted liquidity of $1.14 billion, through trading on 768.6 million shares.

Weekly Gains

The DFM index jumped by 1.3% during last week (from July 24 to July 28) and stood at 4036.88 points, while the ADX index rose by 1.37% to reach 9760.83 points. The local stock markets achieved gains of nearly $6.26 billion during the past week and was supported by intensive purchasing of the leading stocks.

On the whole, the market capitalisation of the listed companies rose from $950 billion at the end of the Friday session before last, to around $951 billion at the end of the last Friday session. This included $770 billion in ADX and $186.18 billion in the DFM.

The shares in these two major markets attracted a liquidity of $2.21 billion, of which $1.55 billion were in the ADX and $650 million in the DFM, through trading 114,314 transactions.

Global Business Magazine

Global Business Magazine

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