Market cap of foreign shares hits Dh101B

abu dhabi — The market capitalisation of foreign shares traded on UAE stock markets amounted to Dh101 billion by the end of 2017, according to official statistics that showed that non-Arab foreigners secured the largest gains after their market value increased by around Dh3.6 billion by the end of December.

The last month of 2017 witnessed regular profit booking by Arab and Gulf investors in particular while other nationalities preferred to keep their shares despite the price hike.

Within this context, the market cap of non-Arab foreigners’ shares in the country’s two main bourses increased to Dh71.264 billion by the end of 2017 from Dh67.66 billion in 2016.

Non-Arab stocks at the Dubai Financial Market accounted for the largest increase in the market value of shares traded in the country, edging up to Dh39.738 billion in December from Dh35.5 billion in the same month 2016.

At Abu Dhabi Securities Exchange, the market capitalisation decreased to Dh31.480 billion from Dh32.161 billion in the corresponding period in 2016.

The market value of Arab shares in the two bourses reached Dh6.434 billion by the end of December 2017 against Dh7.7 billion in December 2016. Gulf investors’ shares at DFM and ADX reached Dh23.363 by the end of 2017 against Dh26.25 billion in 2016.

Analysts expected a rebound for foreign shares during 2018 as verified by the rally recorded on the first week of the new year amidst prevailing upbeat sentiments. — Wam