DUBAI: The Dubai Financial Market (DFM) reported a substantial increase in brokerage firms, with 56,345 new investor accounts opened in the first seven months of 2024, marking an 85% increase from the same period last year, which saw 22,700 new accounts.

The surge in new accounts is largely attributed to the strong investor interest in recent listings, including high-profile companies like “Parkin” and “Spinneys”.

According to DFM data, there has been a substantial month-by-month increase in new accounts. January began with 4,465 new accounts, and February added 5,557. March experienced a notable rise, 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.

Notably, July’s new accounts represent a 55% 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 led the pack 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 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 significant roles in the market’s expansion.

Alongside the increase in new investor accounts, the DFM has seen 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.

Source: Emirates News Agency