UAE - Mubasher: The UAE stocks have gained AED 61.6 billion during August amid the recovery in commercial activities across the UAE.
The benchmark index of the Dubai Financial Market (DFM) jumped by 9.5% or 194.52 points to stand at 2,245.29 points by the end of August, compared to 2,050.77 points in July.
The market cap value registered around AED 312.92 billion by the end of the current month, up by about AED 20.58 billion from AED 292.34 billion in July.
The banks sector led the risers with 13.7%, followed by the real estate segment with 6.6%.
ADX's Performance in August
The ADX has accounted for around 66.6% of the total gains of the markets in August.
The main index of the ADX increased by around 4.9% or 214.59 points to 4,519.32 points by the end of August, compared to 4,304.73 points in July.
The market cap value closed August at AED 677.32 billion, up AED 41.02 billion compared to around AED 636.30 billion in July.
The real estate sector headed the gainers with 16.4%.
The rising stocks are topped by Aldar Properties with around 17.3% and Abu Dhabi Commercial Bank (ADCB) with 10.4%.
Commenting on the Emirati markets' performance this month, the Vice President of Investment Research Department in KAMCO, Raed Diab, told Mubasher that markets are gradually recovering, as commercial activities are getting back to their normal prior to the coronavirus (COVID-19) pandemic.
Diab added that the recovery of the markets is also driven by the efforts exerted by the UAE government to attract new local and international investments.
In addition, the market analyst expected that the companies will witness a better performance in the second half (H2) of 2020 after their financial results in the first half (H1) of 2020 have been affected by the COVID-19 repercussions and a sharp drop in oil prices.
