KAMCO: UAE Financial Markets Exceed GCC Markets and World Markets in July

Abu Dhabi – Rami Sameeh

Dated:
August 05, 2019

KUWAIT: Kuwait's financial markets outperformed other regional stock market indices in July, according to KAMCO. The Dubai financial market (DFM) grew 9.8% in July, while the Abu Dhabi market grew by 6.8%, achieving the best performance in the GCC countries with significant gains of several double-digit earnings, said KAMCO in a report released yesterday.

The Dubai Financial Market Index posted the best performance in the Gulf in July and ended the first seven months of the year as one of the best performing markets, with all sector indices ending the month higher.

The real estate market recorded the best performance, registering an increase of 18% on a monthly basis, supported by the good performance of Emaar Properties 23.7%, Emaar Development 18.8 % and Arabtec Holding 16.5%.

Emaar Properties also grew by 5%, after having recorded a 3% growth in net profit in the first half, from AED 1.1 billion in the first half to AED 1.13 billion in the first half of 2018. Consumer goods index ranked second, registering an increase of 14.3% month-on-month. DxP investments increased by 17.1%, while those of Dubai Refreshments increased by almost 15% during the month. Investment and financial services stocks gained 13.1%, driven by the strong performance of Dubai Financial Market, up 33.1% year-on-year. The banking sector index rose 4.2%, due to a monthly rise in the UAE's 4.9% UAE and 4.1% Dubai Islamic share price Bank.

The real estate sector posted the best performance, with an increase of 21.4% on Aldar's share of 22.2%, followed by the consumer goods sector with growth of 21%. The banking sector index rose 7.1%. With the first trading price of Abu Dhabi, up 7.6%, the net business turnover reached AED 6.1 billion, an increase of 3% year-on-year, to reach 6, AED 1 billion, a growth of 4% driven by revenue growth, cost control and risk management.

Abu Dhabi Islamic Bank and Abu Dhabi Commercial Bank yielded 8.2% and 7.5% respectively. The telecom sector index grew by 3.4% and Etisalat grew by 3.4%.

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