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May 25, 2017
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    Expo win inspiring Dubai Financial Market

    The Dubai Financial Market General Index on Monday climbed 1.4 per cent to 2,987.17 points on positive sentiment in the wake of Dubai securing the rights to host World Expo 2020.

    The benchmark index, which reached an intra-day high of 3,020 points to finally end at 2,946 points on Thursday, sustained the upward trend yesterday when the markets opened after a three-day holiday, including Sunday on account of UAE National Day.

    Although the index retreated significantly from a five-year high of 3,020 points, the overall mood is likely to remain bullish in the short term, Reuters reported, quoting analysts.

    The property sector, led by Emaar, and banking shares, headed by Emirates NBD and Dubai Islamic Bank, contributed significantly in building the positive sentiment on the exchange. Emaar rose 2.54 per cent while Emirates NBD and Dubai Islamic Bank climbed 1.71 and 3.37 per cent, respectively.

    “Profit-taking seen on the gap up levels was natural and is healthy for the markets,” NBAD Securities said in a note. “Any corrective rally if seen may bring buying on lower levels and should challenge the previous highs again.”

    In Abu Dhabi, however, the index faces profit-taking, especially in the property sector, and is likely to trade sideways, the brokerage said. The Abu Dhabi market rose 1.20 per cent and closed the day at 3,896.15 points.

    Stock market analysts are of the view that with both S&P and MSCI confirming that the UAE would be upgraded to emerging market status in 2014, local stock markets could be set to benefit from increased capital flows over the next five to six years leading up to 2020.

    Deloitte Middle East’s first Equity Capital Markets Confidence Survey said the DFM and the Qatar Exchange are expected to be the most active GCC exchanges over the next 12 months.

    “There is a strong pipeline of issuers looking to launch IPOs regionally as well as on international stock exchanges. Increases in trading volumes are driven in large part by foreign investors seeking a safe haven from socio-political turmoil in the wider Middle East region, which is positively affecting real estate and stock values in GCC countries, especially the UAE.”

    According to Global, the DFM continued to outperform the other GCC markets following a strong recovery in September. Dubai started to see a recovery in its IPO market, though mainly on Nasdaq Dubai. Bank of London and the Middle East was listed on Nasdaq Dubai, becoming the first company to be listed in Dubai in almost four years.

    Steven Drake, head of PwC’s Capital Markets Group in the Middle East region, said the slow IPO performance during the third quarter was not surprising as everyone typically expects to see slower activity during the holy month of Ramadan and the summer period.


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