DFM adds 56,300 new investor accounts in 7 months

The Dubai Financial Market (DFM) saw 56,345 new investor accounts opened in the first seven months of 2024, and reported a substantial increase in brokerage firms.

The figures mark an 85 per cent increase from the same period last year, which saw 22,700 new accounts opened.

The surge 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 saw 16,574 new accounts opened. 9,957 new accounts were opened in April, 8,026 in May, 6,223 in June, and 5,543 in July.

Notably, July's new accounts represent a 55 per cent increase year-on-year, up from 3,570 in July 2023, indicating sustained investor confidence in the market.

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.