Dubai stock market witnesses surge in trading in March

  • Date: 01-Apr-2024
  • Source: Khaleej Times
  • Sector:Financial Markets
  • Country:UAE
  • Who else needs to know?

Dubai stock market witnesses surge in trading in March

The Dubai Financial Market. The total value of shares traded during the month increased at a relatively lower pace of 11.1 per cent to reach Dh8.8 billion. — AFP

Published: Mon 1 Apr 2024, 8:51 PM Last updated: Mon 1 Apr 2024, 8:52 PM

Trading activity on the Dubai Financial Market witnessed strong growth in March, a report showed on Monday.

According to Kamco Invest’s GCC Markets Monthly Report, total volume traded on the DFM increased by 36.9 per cent to reach 4.8 billion shares during the month, as compared to 3.5 billion shares in February.

The DFM General Index recorded 1.5 per cent fall in March, its first decline after four straight months of gains, closing the month at 4,246.3 points. The monthly sector performance chart was evenly balanced with four out of eight sectors recording declines while the remaining four saw gains during the period.

However, the decline in the financial sector (-5.2 per cent), the largest weighted sector in the exchange, dragged the general index to the red. The decline in the index was mainly due to the double-digit share price declines of several of its constituent companies such as Mashreq Bank (-14.6 per cent). The consumer staples sector recorded the second