DFM best performing market regionally in 2024

An economic report revealed that Dubai Financial Market’s (DFM) General Index recorded double-digit gains of 10.9 percent, the biggest in the Gulf Cooperation Council (GCC) region since the beginning of 2024.

The report, published today by Kamco Invest, said that the DFM General Index recorded a 4.1 percent increase in September, its fourth consecutive monthly gain and the largest monthly gain among the GCC markets in September-2024, to close at 4,503.48 points.

The overall index growth was broad-based although growth in the top weighted indices such as the Financial Index (+3.6 percent) and the Real Estate (+3.1 percent) drove the overall index performance during September-2024.

The Communications Services index reported an 11.1 percent jump, the biggest increase during September-2024, followed by the Consumer Staples and the Utilities indices which recorded gains of 5.7 and 5.2 percent during the month, respectively.

The report showed that the FTSE ADX General Index recorded a 1.5 percent increase in September-2024 bouncing back from its 0.6 percent dip in August-2024 to close the month at 9,425.49 points.

The report stated that GCC equity markets mostly closed with monthly gains during September-2024 taking cues from the rally in global financial markets that was seen during the second half of the month.

MSCI GCC index witnessed a gain of 0.9 percent during the month reflecting positive performance in five out of seven exchanges in the region.

Furthermore, the report noted that Qatar Stock Exchange rose by 4 percent, the Bahrain Bourse by 2.8 percent, and Saudi Arabia’s TASI by 0.7 percent.

SCA: The Securities and Commodities Authority (SCA) announced its approval for the listing of 16 tranches linked to bonds and Islamic sukuk, with a total value of $19.55 billion (Dhs72 billion), on the Abu Dhabi Securities Exchange’s “Secondary Listing Market” during 2023.

The Authority clarified, according to the latest released statistics, that the listings included 10 regular tranches and 6 other issues classified as green bonds and sukuk linked to sustainability.

The regular tranches included 3 issues from the Abu Dhabi government, distributed as follows: US$2.5 billion for the first issue, US$4 billion for the second, and US$3 billion for the third.

The regular issues included a US$500 million tranche for Abu Dhabi National Energy Company - TAQA, and six tranches for Mamoura Diversified Global Holding, totalling US$500 million, US$1 billion, US$1 billion, US$1 billion, US$500 million and US$750 million respectively.

The Authority noted that the six tranches categorised as sustainability-related green bonds and sukuk amounted to US$4.8 billion (Dhs17.6 billion), including a US$1 billion issuance by Abu Dhabi National Energy Company - TAQA and a US$1.3 billion issuance by First Abu Dhabi Bank (FAB).

WAM