Page 55 - UNION PROPERTIES PR REPORT - March 2024

3/4/24, 11:42 AM Dubai equities continue gains in February
Among the ten sector indices on the ADX, eight recorded declines during the month while the remaining
two witnessed gains. The healthcare index posted the largest fall among the indices during February
with a decline of 14.7 per cent to close the month at 2,951.0 points. The decline was led by fall in prices
of all constituent stocks of which three companies recorded double-digit declines.

The industrials index recorded the second-largest monthly fall during February-2024 with a 6.5 per cent
drop to close the month at 2,967.6 points. The telecommunication Index followed as the third biggest
monthly decliner recording a 5.5 per cent fall in February mainly due to the 2.2 per cent share price fall of
Al Yah Satellite Communications. Comparatively, the real estate index gained 5.9 per cent, the biggest

gain among the indices, mainly driven by 8.4 per cent gain in shares of Al Dar Properties.

In terms of monthly stock performance, Sharjah Insurance Company topped the monthly gainers chart
for February 2024 with its share price increasing by 27.4 per cent followed by RAPCO Investment and
Feeding Company and Fujairah Building Industries, which recorded gains of 21.2 per cent and 17.6 per
cent , respectively. On the decliner’s side, Eshraq Investments lead the way registering a 32.2 per cent

fall in its share price during February-2024 followed by Abu Dhabi National Takaful and Multiply Group
which saw share price declines of 25.5 per cent and 21.5 per cent respectively.

Trading activity on the exchange fell in February after recording a mixed performance in January . Total
volume of shares traded declined by 1.9 per cent in February to reach 5.0 billion shares as compared to

5.1 billion shares during the previous month. On the other hand, the total value of shares traded
recorded a decline of 22.0 per cent to reach Dh18.6 billion as compared to Dh23.8 billion in January-
2024. Eshraq Investments topped the list of the most active stocks table during the month with 983.5
million traded shares followed by Dana Gas and Multiply Group, which traded 725.5 million shares and

520.6 million shares respectively.

In terms of value traded, IHC topped the table with Dh4.3 billion worth of shares changing hands during
the month followed by Alpha Dhabi Holding and Al Dar Properties at Dh1.9 billion and Dh1.4 billion,
respectively.

In economic news, the UAE real estate market continued to remain vibrant and is expected to grow this

year with several projects currently in the planning stage and ready for launch including the project to
build over 7 thousand residential units in the UAE. Moreover, Abu Dhabi’s real estate transactions
passed Dh5 billion during January-2024 comprising 1,386 transactions of sales and mortgages on
various types of real estate units. The real estate sector of the UAE is one of the main drivers of the

economy as it is supported by government initiatives which are intended to diversify the economy from
over-dependence on oil.

In the wider region, positive sentiments across financial markets globally pushed GCC market index to
the highest level since November 2022 during the third week of February. The MSCI GCC index

remained elevated by the end of the month and closed after receding marginally in the last week with

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