Dubai, UAE: UAE stock markets are experiencing a ‘relief rally’ as the Dubai Financial Market (DFM) surged to a new record high following a 3% gain. The DFM general index has now reached 5,576 points, surpassing the previous high of 5,438 points set on May 22. This rise builds on an earlier surge that broke levels first established in 2014.
In Abu Dhabi, the ADX index has risen by 2.12%, spurred by investor optimism surrounding a ceasefire deal agreed upon by Israel and Iran. This development has eased concerns about ongoing Middle Eastern conflicts and provided a positive outlook for the global economy. On the DFM, Air Arabia led the market with a 7% surge in its stock price, benefiting from the easing of regional hostilities ahead of the summer travel season.
UAE markets soar amid ceasefire
Meanwhile, flynas’ stock in Saudi Arabia experienced a similar boost, rising over 6% around 11:30 AM on the Saudi Tadawul market. This marks a rebound following a volatile period driven by uncertainties regarding the Israel-Iran situation.
The Saudi Tadawul general index is also up 1.77% at the moment. Both DFM and ADX opened the week on a positive note despite heightened regional tensions after the US bombing of Iran’s nuclear facilities on Saturday. In other movements, the Abu Dhabi developer Aldar saw its stock jump by 8% after 90 minutes of trading.
Banking heavyweights ADIB and ADCB have also posted gains of nearly 6%. This wave of positive performance highlights investors’ optimism and the potential for further market growth.
