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The total market value of the stock markets reached a record level of AED 926 billion at the end of trading yesterday, accounting for 64.2 percent of the UAE's gross domestic product, at a real price of AED $ 1,442.5 billion, according to the report. 39, Swiss Competitiveness and Statistics Authority 2018.
Market capitalization reached AED 2.7 billion in transactions yesterday, the highest level in terms of value and percentage of GDP over the past five years.
The Abu Dhabi market acquired AED 555 billion market capitalization from listed and local double listed companies and Dubai's market share reached AED 370.8 billion. According to the economic statement, 778 billion dirhams, or 84% of the total market value of the companies' shares, were realized in the three main sectors of the ten sectors listed.
The banking sector tops the list with 482.2 billion AED, or 52.1% of the total market capitalization, followed by the telecommunications sector with 179.7 billion AED (19.4%) and real estate (12.6%) with 116.5 billion of AED.
Over the past 19 sessions, the market has added market gains of 58.5 billion dirhams, ranging from 35.8 billion in the Abu Dhabi market to 22.7 billion in the Dubai market. Financial badysts expected the market value to continue to rise in the second half of the year, as prices continue to rise, especially those of the top listed companies in the real estate and banking sectors.
The market value of the markets peaked at 890 billion dirhams in January 2018, after reaching 879 billion dirhams at the end of 2017.
According to official figures released by the Securities and Commodities Authority (SCA), market capitalization reached 864.7 billion dirhams at the end of 2018, or 61.5 percent of the country's GDP. In 2017, it reached 879.15 billion dirhams, or 62.6% of GDP and 813 billion in 2016, GDP.
The market value index of locally traded companies' shares in relation to GDP is an important indicator on which several investors rely to measure and evaluate the performance of the financial market, given the close relationship between GDP and corporate profits.
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