The UAE stock market saw mixed results at the end of the week, with declines in real estate and industry stocks leading the way. However, technology shares experienced a rebound, with companies like Brissite, Phoenix Group, and Bayanat seeing significant increases. In Dubai, banks recorded strong gains in both markets, while foreign investors shifted towards liquidation in exchange for local purchases.
Despite strong results from banks during the first quarter, their performance fluctuated within the five trading sessions. In Dubai, Emirates NBD, Commercial Dubai, and Mashreq Bank saw increases, while Dubai Islamic experienced a decline. In Abu Dhabi’s capital market, shares of First Abu Dhabi and Ras Al Khaimah National decreased, while Abu Dhabi Commercial and Abu Dhabi Islamic rose.
Foreign investors moved towards liquidation during the week’s trading sessions due to significant proceeds from sales in both Abu Dhabi and Dubai markets. The total weekly liquidity in the UAE stock market was substantial as a significant amount of shares were traded in both markets.
The Dubai market index fell by 0.6% during the week due to declines in various sectors including real estate, industry utilities and finance. Meanwhile, the Abu Dhabi market index also experienced a decline of 0.9%, influenced by decreases in financial real estate communications industry utilities and finance stocks.
Investment portfolios showed varying levels of activity as some sectors saw increased buying activity while others experienced more sales. National and Arab investors tended to buy more in both markets while foreign investors leaned towards liquidation overall.
Overall, the stock market performance in the UAE was mixed with some sectors experiencing growth while others faced declines. Foreign investors were hesitant to commit to new investments due to uncertainty around global economic conditions.
As for specific companies that performed well this week: Brissite is an e-commerce platform that has been growing rapidly over the past year due to increasing demand from online shoppers across regionally based on reports it has achieved profitability much earlier than expected with growth rate exceeding 30% year over year