UAE markets rise on strong first-half financial results

UAE markets rise on strong first-half financial results

Brokerage companies in the DFM added 20,552 new investor accounts in the first seven months of 2022

The DFM's benchmark index added 39.16 points and closed the day at 3,377.12 points as property and banking shares led the market. — File photo

Published: Mon 1 Aug 2022, 5:52 PM Last updated: Mon 1 Aug 2022, 5:53 PM

The Dubai stock market opened the week on positive note and climbed 1.17 per cent due to positive sentiments among local investors following strong financial results for first half reported by the listed companies.

The DFM's benchmark index added 39.16 points and closed the day at 3,377.12 points as property and banking shares led the market. Emirates NBD shares surged 2.17 per cent while property giant Emaar rose 0.54 per cent.

Air Arabia and Dubai Financial Market also supported the main index with 4.54 per cent and 2.33 per cent growth in their shares value on Monday.

“The Dubai stock market resumed its climb thanks to the positive sentiment among local investors that saw positive company earnings this season. These results exposed the strength of local fundamentals,” Wael Makarem, senior market strategist – Mena at Exness, told Khaleej Times.

In Abu Dhabi, main index rose 1.29 per cent, or 126