Outlook: UAE stock markets to remain positive, barring virus resurgence | ZAWYA MENA Edition
Stock markets in the UAE will continue to perform well, provided there is no resurgence of coronavirus cases, Abu Dhabi-based asset management firm Chimera Capital said in a bourse filing to the Dubai Financial Market (DFM) on Monday.
Chimera had reported “growing interest” from investors looking to capitalize on the UAE economy’s strong prospects, with its S&P UAE Exchange Traded Fund (ETF) surpassing 100 million dirhams ($27.2 million) in assets under management in July 2021, barely a year since its launch.
Its UAE UCITS ETF, rolled out only in February this year, also recorded 61.8 million dirhams in AUM as of June 2021.
The Dubai Financial Market and Abu Dhabi Securities Exchange (ADX) have had positive performance in 2021, buoyed by the rise in sentiments and improving economy.
So far this year, the ADX rose 35.5 percent, while the DFM was up 12.8 percent. Trading on the ADX averaged 1.2 billion dirhams, exceeding the DFM’s 227 million dirhams.
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