ABU DHABI: The market capitalisation of companies listed at Abu Dhabi Securities Exchange (ADX) increased 2.1 per cent during 2017, to Dhs485 billion by the end of the year from Dhs475 billion by the end of 2016.

In a report issued Saturday, ADX said the market cap of listed domestic firms rose to Dhs457 billion, an increase of 2.62 per cent from Dhs444 billion in 2016.

The Abu Dhabi Securities Exchange General Index closed at 4398 points by the end of 2017, 3.25 per cent down from its 2016 level, with the value of transactions during 2017 amounting to Dhs48 billion over 28 billion shares, an average of 112 million equities per day.

Hamad Abdullah Al Shamsi, Board Chairman of ADX, affirmed ADX’s commitment over the coming years to continue efforts aimed at maintaining the market’s standing as a favourite destination for trading and investment in the region, by providing pioneering services that ensure an investment-conducive and business-friendly environment in harmony with best international practices.

Meanwhile, the 2018 global equity rally continued apace with Asian and European markets posting healthy gains and Wall Street powering to fresh records once again.

One day after the Dow finished above 25,000 for the first time, the blue-chip index moved higher still, picking up momentum throughout the day before finishing at 25,295.87, up nearly one percent.

The rise came despite a disappointing US jobs report. The US added just 148,000 jobs in December, the Labor Department reported, far below expectations, although unemployment held steady at its 17-year low of 4.1 percent.

But investors, who opened 2018 in a fever pitch to buy equities, were unfazed by the lackluster data, much as they have also overlooked any concerns about US-North Korea tensions or domestic political controversies.

“Whatever the news, the reaction thus far continues to be more of what we have been seeing,” said Adam Sarhan, founder of 50 Park Investments.

“Investors are buying, dismissing all negative news, whether economic or geopolitical and they are just buying stocks.”

WAM/ Reuters