Recent data indicates that the Dubai stock market outperformed its Gulf counterparts last month. The Kamco Invest GCC Markets Monthly Report reveals that the DFM General Index rose by 5.9 percent, ending the month at 4,268.1 points, marking its second consecutive monthly increase. This performance has propelled the year-to-date gains for the DFM index to 5.1 percent, placing it at the second-highest level in the GCC.
Six of the seven sectors listed on the DFM saw growth during the month. The Utilities index led with an 8.3 percent increase, closing at 904.15 points, primarily due to a nearly 13 percent rise in Empower shares. The financials sector followed, gaining 7.7 percent, boosted by a 163.9 percent surge in National International Holding's share price. The communication services index rose by 6.1 percent, driven by a similar increase in Emirates Integrated Telecom Co (du) shares. The real estate index also saw robust growth, increasing by 5.3 percent to close at 8,191.60 points.
On the downside, the consumer staples index fell by 2.3 percent, ending at 91.56 points. In terms of individual stock performance, National International Holding topped the list with a 163.9 percent gain, followed by Shuaa Capital and Dubai Insurance Co., which gained 80.2 percent and 28.9 percent, respectively. Emirates Islamic Bank led the decliners with an 18.5 percent drop.
Trading volume increased by 25.6 percent to 5.3 billion shares, up from 4.2 billion in the previous month, while trading value rose by 49.4 percent. Emaar Properties led in trading value with Dh1.9 billion, followed by Emirates NBD and Dubai Islamic Bank.
According to WCapital's real estate report, Dubai's property market is poised for significant expansion, with over 30,000 housing units expected to be completed in the second half of this year. The number of new units expected in 2024 is projected to reach around 48,000, a substantial increase from the over 17,000 in the first half.
In Abu Dhabi, the FTSE ADX index rose by 3.1 percent in July, closing at 9,338.96 points, its second consecutive monthly gain. Seven out of ten sectoral indices recorded growth, with the consumer staples index leading at 18.0 percent, primarily due to a 19.3 percent increase in Agthia Group shares. The real estate index followed with a 16.0 percent gain, led by Aldar Properties Co.
Trading activity in Abu Dhabi saw a 51.5 percent increase in volume to 6.9 billion shares, and a 46.1 percent rise in value to Dh25.6 billion. International Holdings Company topped the trading value chart with Dh5.5 billion, followed by Alpha Dhabi Holding and Al Dar Properties Co.
Across the GCC, equity markets experienced broad-based gains in July, supported by strong corporate earnings. The MSCI GCC index closed the month with a 4.4 percent gain, the highest monthly increase this year.
