ADX, DFM log nine large deals worth Dhs1.6b during Ramadan

The Abu Dhabi Securities Exchange (ADX) and Dubai Financial Market (DFM) logged nine large direct deals executed on 305.7 million shares worth Dhs1.6 billion during Ramadan.

According to market data, ADX saw the execution of five large direct deals on 243.4 million shares worth Dhs683.3 million.

These included an Dhs509.8 million deal executed on 27.7 million e& shares at a price of Dhs18.34 per share; an Dhs37.8 million deal on 5.2 million Emirates Insurance Company shares at a price of Dhs7.2 per share; and three deals worth over Dhs135.7 million on the stock of Abu Dhabi National Hotels Company, executed on 210.4 million shares at a price of Dhs0.645 per share.

Meanwhile, DFM saw the execution of four large direct deals on 62.2 million shares worth Dhs933.9 million.

These included an Dhs782.1 million deal executed on 3.9 million Mashreq shares; an Dhs100.5 million deal on 5.7 million Emirates NBD shares; and two deals on the stock of GFH Financial Group, worth Dhs28.7 million and Dhs22.5 million executed on 30 million shares and 22.6 million shares respectively.

Direct large transactions are deals executed outside the order book and do not affect the closing price of the company’s shares or the price index.

They also do not affect the highest and lowest prices executed during the session and over the past 52 weeks.

Last week, the UAE stock markets attracted liquidity of nearly Dhs6.5 billion during the week’s trading, with the focus mainly on stocks in the real estate, financial and banking sectors.

The weekly liquidity was distributed as follows: Dhs4.57 billion in the Abu Dhabi market and about Dhs1.9 billion in the Dubai market. About 2.3 billion shares were traded through 113,600 transactions.

The market capitalisation of listed shares reached Dhs3.565 trillion at the end of the current week, distributed as follows: Dhs2.841 trillion for shares listed on the Abu Dhabi Securities Exchange and Dhs724.1 billion for shares listed on the Dubai Financial Market.

The International Holding Company (IHC) stock accounted for the largest share of trading in the Abu Dhabi market, with about Dhs1 billion, closing at Dhs399.6. It was followed by Alpha Dhabi attracting about Dhs464.7 million, then Multiply Group Dhs280 million. Presight recorded the highest weekly rise of 23%, followed by Hayah Insurance by 16.2% and Abu Dhabi Takaful by about 11%.

The Emaar Properties stock topped the activity in the Dubai market, attracting about Dhs428 million, followed by Union Properties with liquidity of Dhs200 million, and then Emaar Development Dhs135 million.

National General Insurance achieved the highest percentage increase of 14.6%, followed by Ethmar International Holding 7.4%, and Union Properties 6.4%.

The Dubai Financial Markets (DFM)  recently saw a large direct deal executed on the stock of the Emirates NBD.

According to market data, the trade was executed on 5.7 million shares with a value exceeding Dhs100.5 million at a price of Dhs17.5.

Direct large transactions are deals executed outside the order book and do not affect the closing price of the company’s shares or the price index. They also do not affect the highest and lowest prices executed during the session and over the past 52 weeks.

According to data released recently by the DFM, brokerage firms at the Dubai Financial Market (DFM) opened 26,596 new investor accounts during the first quarter of the current year 2024, a growth of 103 percent compared to 13,112 accounts during the first quarter of 2023.

This comes amid significant momentum in the market since the announcement of the listing of government and semi-governmental companies, including the recent listing of Parkin, which enhanced the market’s attractiveness and draw new investors.

The new accounts were distributed over the months of the year, with a notable YoY spike of 151.5 percent in March 2023, when 16,574 new accounts were opened.

This coincided with Parkin floating its shares amid exceptional interest from international and regional investment institutions, as well as individual investors in the UAE.

Surging new investor accounts bolster Dubai’s Financial Market, injecting potential for greater liquidity and trading activity.

Meanwhile, the first quarter of 2024 saw 30 brokerage firms operating in the Dubai Financial Market execute over 1.014 million transactions, involving 22.7 billion shares, with a value exceeding Dhs50.9 billion.