Page 54 - UNION PROPERTIES GENERAL REPORT - March 2024
P. 54
3/4/24, 11:42 AM Dubai equities continue gains in February
biggest drop among the indices, followed by the consumer staples index with 3.4 per cent drop during
the similar period.
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Trading activity on the exchange witnessed moderate growth during February-2024. Total volume traded
increased by 15.9 per cent to reach 3.5 billion shares as compared to 3.0 billion shares during January
2024. Similarly, the total value of shares traded during the month increased at a relatively lower pace of
1.2 per cent to reach Dh7.9 billion in February-2024 as compared to Dh7.8 billion during January-2024.
Union Properties topped the monthly volumes traded chart recording 677.5 million shares which
changed hands during the month, followed by Shuaa Capital and Takaful Emarat Insuarnce which saw
21343.8.5 million and 201.6 million of their shares change hands during the month, respectively.
On the monthly value traded chart, Emaar Properties topped the list with Dh1.4 billion worth of shares
changing hands during the month, followed by Emirates NBD, and Dubai Islamic Bank which saw Dh1.2
billion and Dh1.0 billion value of their shares traded, respectively.
On the economic front, Dubai’s Chamber of Commerce forecasted a 5 per cent growth for Dubai’s
economy in 2024. Bulk of the growth is expected to be driven by investments in infrastructure, conducive
business environment and the possibility of interest rate cuts. On the other hand, Dubai’s real estate
market has already started the year robustly as it recorded $9.6 billion in sales during January-2024
registering a 27 per cent y-o-y increase. Sales transactions increased by 17 per cent y-o-y surpassing
11,000 during January-2024 as compared to 8,712 sales transactions in January-2023
In Abu Dhabi, the FTSE ADX index continued its declining trend in 2024 by recording a 2.7 per cent fall
last month to close at 9,254.81 points. The decline also steepened the fall in terms of YTD-2024
performance that reached –3.4 per cent.
https://www.zawya.com/en/markets/equities/dubai-equities-continue-gains-in-february-r4vjkmbs 2/4
