The UAE stock exchanges rose on Thursday, supported by purchases by foreign investors and a demand for leading shares in the real estate and banking sectors.
The Dubai market index closed up 0.6% at 3984.52 points, while the main index of the Abu Dhabi market rose 0.4% to 9607 points.
Wael Muhaisen, CEO of trend investment company, said:”UAE stocks are still witnessing selective purchases, with a state of confidence towards the shares of major companies that announced strong results in their earnings for the third quarter of 2023.
Muhaisen pointed out that the rise of global stock markets, especially the US, enhances the confidence of foreign investors who are waiting for new listings in the UAE markets, which will add quality liquidity to trading.
Mohaisen pointed out that real estate and banking stocks continue to dominate the course of trading in the Dubai market, while the focus in the Abu Dhabi capital market is on the shares of the banking, industrial and energy sectors.
In terms of performance in Dubai, shares of Emaar Properties rose 1.14% to AED 7.05, Emaar Development 0.6% to AED 6.7, Emirates NBD 0.84% to AED 17.95 and Dubai Islamic Bank 0.36% to AED 5.53.
Foreign investments recorded a net purchase of AED 59.76 million, while Arabs, Gulf nationals and Emiratis had a net sale of AED 3.6 million, 19.26 million and 36.86 million, respectively.
