The Dubai Financial Market (DFM) has seen significant growth this year, with the benchmark index gaining 10.9 per cent by September, the highest among the GCC stock markets. In September, the DFM General Index recorded a 4.1 per cent increase, marking its fourth consecutive monthly gain and the largest monthly gain among the GCC markets. The year-to-date gains for the DFM index in 2024 have been the highest in the GCC at 10.9 per cent. Seven out of the eight sectors recorded growth during the month, with top weighted indices like the financial index and the real estate sector driving the overall performance. Companies like Commercial Bank of Dubai and Mashreq Bank saw gains, contributing to the financial index growth.
International Financial Advisors, Dubai Taxi, and Salik were the top gainers in terms of monthly performance in September. Dubai Taxi Company was awarded 300 new plates at the latest RTA auction, solidifying its position as the largest taxi service provider in the city. However, Shuaa Capital, Ekttitab Holding Company, and Agility experienced declines in their share prices. Trading activity saw a slight decrease, with the total monthly volume dropping by 11.9 per cent and the monthly value traded declining by 8.6 per cent. Emaar Properties, Emirates NBD, and Dubai Islamic Bank were among the top traded shares in terms of value, while Drake & Scull International had the highest monthly volume traded.
In Abu Dhabi, the FTSE ADX index recorded a 1.5 per cent increase in September, reducing the year-to-date decline to -1.6 per cent. The utilities index saw the largest gains, followed by the consumer staples and real estate indices. Al Khaleej Investment Co. topped the monthly gainers chart for the second consecutive month, with substantial gains. On the other hand, Fujairah Building Industries, Abu Dhabi National Company for Building Materials, and Umm Al Qaiwain General Investment Company experienced declining share prices. Trading activity in Abu Dhabi increased in September, with the total volume of shares traded rising by 17.7 per cent and the total value of shares traded jumping 33.5 per cent.
Overall, the UAE’s stock markets have shown resilience and strength in 2024, with the DFM and the FTSE ADX index both seeing positive growth in September. The performance of various sectors in the markets reflects the diversity and strength of the UAE’s non-oil economy. Companies like Dubai Taxi Company, Taqa, and Agthia Group have contributed to the growth of their respective indices. While some companies have seen declines in their share prices, the overall market sentiment remains positive. Investors will be closely watching the UAE stock markets in the coming months to capitalize on potential opportunities for growth and returns.
