The Dubai Financial Market (DFM) has experienced a remarkable surge in new investor accounts, according to its recent reports. In the first seven months of 2024, the market saw 56,345 new accounts opened, marking an 85 percent increase from the same period last year, which saw 22,700 new accounts.
High-profile listings
This remarkable growth in new accounts is largely attributed to strong investor interest in recent high-profile listings, such as “Parkin” and “Spinneys”.
The data shows a steady month-over-month increase in new accounts. January started with 4,465 new accounts, followed by 5,557 in February. March witnessed a notable spike, with 16,574 new accounts opened. The momentum continued, with 9,957 new accounts in April, 8,026 in May, 6,223 in June, and 5,543 in July.
Continued investor confidence
July’s new accounts represent a 55 percent increase year-on-year, up from 3,570 in July 2023, indicating sustained investor confidence in the market.
Among the brokerage firms, BHM Capital Financial Services emerged as the leader, with 21,565 new accounts. Emirates NBD Securities followed, adding 14,130 new accounts, while Al Ramz Capital secured 7,115 new investor accounts.
Other significant contributors
Other significant contributors included ADIB Securities, with 3,313 accounts; International Securities, with 3,071 accounts; and Mashreq Securities, which added 2,631 new accounts. Prominent firms such as FAB Securities, EFG Hermes (UAE), ADCB Securities, and HSBC Middle East Securities also played a substantial role in the market’s expansion.
Robust trading activity
Alongside the surge in new investor accounts, the Dubai Financial Market has witnessed robust trading activity. The 30 brokerage firms operating in the market executed over 2.57 million transactions involving 58.4 billion shares, with a total value exceeding AED114.5 billion in the first seven months of 2024.
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