Makaseb and Al-Nokhitha are leading by growth exceeding 20% in five months - Al Bayan

16-Jun-2007

Makaseb and Al-Nokhitha are leading by growth exceeding 20% in five months.

Flows of the Investments and Smart Funds are rescuing the Local Funds

The main local investment funds in the local financial markets was able to achieve a general growth in their performance in five months, benefiting from the strong refreshment movement due to the effect of which Abu Dhabi and Dubai Financial Markets have moved in last May.

The financial statements related to five investment funds have shown their getting over the Emirates General Index which increased at the rate of 13.51% in five months. They registered various growth percentages among them. Such funds considered the enhancement that took place on them was as a result of foreign investment flows in the shares market.

This is in addition to the smart funds that supported the indices of confidence, and reinstated the power to the markets and to the size of liquidity invested in such funds. Makaseb Emirates Equity Fund of Mashreqbank is taking the first place, in terms of growth among funds, at the rate of 26% after its price unit reached USD 13.44 in comparison with AED 10.65 at the end of last year.

AL- NOKHITHA FUND of Abu Dhabi Commercial Bank with a growth rate amounted to 20.86% followed it. As mentioned by the management of the fund, such growth came as a result of the boost that took place in May. The growth percentage in the fund’s performance, since the beginning of the current year till the end of last April, reached 0.67%.

This is due to what came upon it such as decrease in March which was the most difficult month for the market, while the fund achieved growth at the rate of 20.2% in May only. Emirates Gateway Funds of SHUAA Capital came on the third place with a percentage of growth amounted to 19.9% after supplementing the addition of May only, which is 13.9%, to the fund.

On the fourth place, came the Al Mal UAE Equity Funds, which achieved growth at the rate of 18.94% after growth at the rate of 18.56% at the end of May like the other funds. In the fifth place came the National Bank of Abu Dhabi trading Fund, which registered growth at the rate of 13.7% in five months 13.3% of which was in May.

The financial statements of the five funds showed that they concentrate on the blue chips in the markets. Atop the same, the Etisalat share which constitute more than 20% of the assets invested by these funds, in addition to the continuously competing EMAAR share.

Banks shares also represented big weights in these funds investments, which mainly concentrated in Dubai Islamic Bank, National Bank of Abu Dhabi and Abu Dhabi Commercial bank.

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