UAE markets lead the Gulf in foreign purchases, with a net $3.3 billion in 3 months
ABU DHABI, 29 APRIL / WAM / A recent economic report revealed today that the financial markets in Abu Dhabi and Dubai witnessed the largest foreign purchases during the first three months of the current year, with a net investment of $888.4 million ($3.26 billion).
The report issued by “Kamco Invest” indicated that foreign investors, including institutions and individuals, were buyers in the Gulf stock markets during the first quarter of the year 2024, with net purchases amounting to $1.5 billion, and the trend has remained positive since the beginning of the year in light of successive purchases. By foreign investors over the first three months of the year.
On the other hand, Saudi Arabia and Qatar witnessed net selling by foreign investors in January 2024, then net buying during the remaining two months. Oman and Bahrain were the only two stock exchanges in the Gulf countries that witnessed net selling by foreign investors during this quarter.
The report stated that during this quarter, stock exchanges witnessed varying trends, as five out of seven Gulf stock exchanges recorded gains during the first quarter of 2024. Expectations related to changes in global interest rates also played a role in moving the tide of performance in the region.
In terms of trading activities, the total amount of shares traded on Gulf stock exchanges during the first quarter of the year increased by 35.9 percent, reaching 80.6 billion shares in the first quarter of 2024, compared to 59.3 billion shares in the fourth quarter of 2023.
Saudi Arabia came in the lead with an increase in the amount of shares traded by 68.5 percent to reach 24.1 billion shares in the first quarter of 2024 compared to 14.3 billion shares in the fourth quarter of 2023, followed by Abu Dhabi by 61.5 percent to record 18.3 billion shares in the first quarter of 2024. Compared to 11.4 billion in the fourth quarter of 2023. On the other hand, the amount of shares traded in Qatar decreased from 11.5 billion shares in the fourth quarter of 2023 to 10.5 billion shares in the first quarter of 2024.
The total value of shares traded in the first quarter of 2024 also rose to a large extent, and the total value of shares traded reached $202 billion in the first quarter of 2024 compared to $137.5 billion in the fourth quarter of 2023.
Saudi Arabia witnessed the largest increase in trading activities, as the value of traded shares increased from $93.6 billion in the fourth quarter of 2023 to $154.5 billion in the first quarter of 2024, which led to an increase in its share to 76.5 percent compared to 68 percent in the quarter. The first of the year 2023.
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