In Dubai, the general index closed high at 4,053.640 pts, driven by the favourable performance of the real estate and industrial sectors….reports Asian Lite News
UAE stocks generated strong cash flows Monday as the International Holding Company (IHC) maintained robust performance and closed at AED400.6, following more than AED217.2 million worth of transactions.
Multiply Group gained AED160.7 million in liquidity, closing high at AED3.670. Emirates Insurance Company (EIC) was the best performer and closed high at AED6.930.
However, Abu Dhabi’s Index FADGI closed 0.248% down at 9,776.340 pts affected by the low performance of the banking and financial service index which fell 0.152% down as well the real estate index which closed at 7,948.610 pts, 0.058 % down from the last trading session on Friday. The industrial index yet closed in the green at 5,637.080 pts, 0.101% up.
In Dubai, the general index closed high at 4,053.640 pts, driven by the favourable performance of the real estate and industrial sectors. The Union Properties Company was the best performer and closed 6.960% higher at AED0.415, followed by the Emirates Reem Investments which closed high at AED4.280. Top lender Emirates NBD closed higher 1.180% at AED17.100.
CBUAE assets
The UAE’s current account balances and deposits with banks abroad amounted to AED363.23 billion by the end of June, 2023, from AED361.78 in the previous month, according to the latest figures revealed today by the Central Bank of the United Arab Emirates (CBUAE).
Foreign securities are down to AED165.42 bn from AED171.03 during the same reference period, with other foreign assets up to AED63.46 bn against AED57.38 in May, According to the apex bank, total foreign assets increased to AED592.11 bn from AED590.19 in May.
It’s noteworthy that the foreign assets exclude CBUAE’s Reserve Tranche Position (RTP) and SDR Holdings with the IMF.
According to the bank’s monetary & banking deployments report of June 2023, the monetary base grew by 0.1%, climbing from AED621.4 billion at the end of May 2023 to AED 622.2 billion at the end of June 2023. The main drivers of this expansion of the Monetary Base were increases in currency issued by 5.2% and in Reserve Account by 28.0%. However, banks & OFCs’ current accounts and overnight deposits of banks at CBUAE and monetary bills and islamic certificates of deposit decreased by 25.7% and 2.5%, respectively.
Gross banks’ assets, including bankers’ acceptances, rose by 0.1%, from AED3,868.9 billion at the end of May 2023 to AED 3,873.1 billion at the end of June 2023. Domestic Credit expanded because of 2.5%, 3.7% and 3.4% increases in credit to the Government Sector, Public Sector and non-banking financial institutions, correspondingly. Whereas, credit to the private sector declined by 0.6%.
Total bank deposits decreased by 1.0%, falling from AED2,405.9 billion at the end of May 2023 to AED2,382.1 billion at the end of June 2023. The fall in total bank deposits was due to reduction in non-resident deposits by 11.8%, overshadowing the increase in resident deposits by 0.2%. Resident deposits rose owing to increases in government sector deposits. Private sector deposits and non-banking financial institutions’
deposits by 2.5%, 0.4% and 18.1%, respectively. However, public sector deposits decreased by 8.3%.