Font Size

- Aa +

Tue 22 Oct 2019 02:30 PM

Font Size

- Aa +

UAE market cap rises to $244bn in October, 63% of GDP

Capitalisation of UAE capital markets jumps 5.6% this year, according to figures from the country's two main bourses

UAE market cap rises to $244bn in October, 63% of GDP
Dubai Financial Market.

The capitalisation of UAE capital markets has reached AED895.5 billion ($244 billion), up 5.6 percent compared to the start of this year, according to figures from country's two main bourses.

The market value of listed public and private joint stock companies is projected to further increase and break the AED900 billion mark by the end of the year, state news agency WAM reported on Tuesday.

The capitalisation of traded companies accounted for 63 percent of the UAE's GDP in a new indicator of the resilience of liquidity in UAE stock markets, WAM added.

It said the improvement in listed companies' stocks is being driven by strong FDI flows and increased share capital.

The banking sector accounted for 52 percent - AED468.8 billion - of market capitalisatin at the Abu Dhabi Securities Exchange and Dubai Financial Market.

The stock market capitalisation-to-GDP ratio hit 53 percent in 2014, before edging up to 56 percent in 2015, then to 62 percent in the following year, before nosediving to 59 percent in 2017 and rallying to 63 percent this month.

For all the latest market news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.