Market cap of listed companies amounts to AED890.2 billion

The market cap of UAE stock markets surged to AED890.2 billion by the end of yesterday's session, accounting for around 55 percent of the country's expected GDP for 2017.

This is the highest cap reached by companies listed in the country's two main bourses since their establishment 16 years ago, according to official figures released by Abu Dhabi Securities Exchange and Dubai Financial Market, with analysts projecting the total market value to further rise during 2018 on the back of increased share prices and anticipated listing of new companies on the two markets.

The year 2005 recorded the highest cap of AED839.7 billion when the market hit all-time highs during that period.

Three out of 10 listed sectors accounted for AED731 billion or 83 percent of the total cap. The banking sector comes first with a total market value of AED387.3 billion, or 43.7 percent, followed by the telecommunications sector in the second place with a cap of AED183.7 billion or 20.1 percent, with the realty market coming third accounting for 18.1 percent or AED160.3 billion. The energy's market cap stood at AED42 billion.