(MENAFN - Khaleej Times) Real estate and construction sector rank first in traded value
The market capitalisation of dubai financial market surged 25.8 per cent in the first quarter of 2014 over the previous quarter as the benchmark dfm general index jumped 32.1 per cent by the end of the quarter ending march 31.
Traders working at the dubai financial market. the number of shares traded increased by 43.4 per cent to reach 58.4 billion shares in first quarter. — kt file photo
The dfm market cap rose to dh326.7 billion in 2014 first quarter compared to dh259.7 billion at the end of previous quarter the bourse said in a statement.
The value of shares traded during this quarter reached dh110.2 billion compared to dh52 billion recorded during fourth quarter up 111.8 per cent.
The number of shares traded increased by 43.4 per cent to reach 58.4 billion shares during this quarter compared to 40.7 billion shares were traded during fourth quarter. the number of transactions executed during this quarter up 66.4 per cent to reach 659.7 thousands compared to 396.4 thousand deals carried out during the previous quarter.
The real estate and construction sector ranked first in terms of the traded value to reach dh55 billion or 49.9 per cent of the total traded value in the market
The dubai financial market general index increased by 32.1 per cent to 4451 points at the end of this quarter compared to 3369.8 points at the end of fourth.
At the sectoral level indexes of four out of the nine sectors represented on dfm ended the quarter in the green with the real estate and construction sector increasing the most by 52.9 per cent followed by the financial and investment services and the banking sectors by 48.7 per cent and 22.4 per cent respectively. the services telecommunication and the transportation indices down 9.2 per cent 8.6 per cent and 2.4 per cent respectively.
The banking sector ranked second at dh 25.1 billion or 22.8 per cent followed by the financial and investment services sector with dh18.5 billion or 16.7 per cent the transportation sector with dh5.5 billion or five per cent the insurance sector with dh2.9 billion or 2.6 per cent the services sector with dh1.7 billion or 1.6 per cent and the telecommunication sector with dh1.5 billion or 1.4 per cent while other sectors shared the rest of trading volumes.
The value of stocks bought by foreign investors during this quarter reached dh44.7 billion comprising 40.5 per cent of the total traded value. the value of stocks sold by foreign investors during the same period reached dh45.5 billion comprising 41.3 per cent of the total value traded. accordingly dfm net foreign investment outflow reached dh809.8 million.
The value of stocks bought by institutional investors during this quarter reached dh28.9 billion comprising 26.2 per cent of the total traded value. the value of stocks sold by institutional investors during the same period reached dh 29.7 billion which constitutes 27 per cent of the total value traded. net institutional investment out-flows from dfm amounted to dh835.5 million.
In 2014 gcc equities began on a positive note largely led by an uptick in earnings across key cyclical sectors such as banking services insurance and industrial.
The combined market capitalisation of gcc bourses increased 4.2 per cent month-on-month to 1.026 trillion (dh3767.6 trillion) in february 2014. all indices witnessed a rise in market capitalisation during the month.