UAE – Stocks profit 3 billion amid optimism for the results...

UAE – Stocks profit 3 billion amid optimism for the results...
UAE – Stocks profit 3 billion amid optimism for the results...
(MENAFN – Al-Bayan) Date: September 29, 2020 Local shares gained more than 3 billion dirhams, and attracted liquidity of nearly 700 million dirhams amid selective local purchases targeting the leading stocks in the banking sector in and in the real estate and investment sector in Abu Dhabi, amid optimism with the imminent announcement of the third-quarter results of the year.

The Dubai market rose by 0.74%, equivalent to 16.56 points, to close at 2,261.49 points, with the rise of banking and transport shares, against the decline in real estate and investment, while the Abu Dhabi market increased by about 6.34 points, or 0.14%, to 4,492.18 points, to support the rise in real estate and investment stocks, against a decrease in communications. And energy banks.

Liquidity improved with the amount of 691.4 million dirhams distributed by 314.16 million in Dubai and 377.28 million in Abu Dhabi, and 726.97 million shares were traded, including 619.7 million in Dubai and 107.19 million in Abu Dhabi, through 8871 transactions.

Dubai market

The rise of the Dubai market boosted the rise of the banking sector 1.39%, with the growth of ‘Emirates NBD’ 1.94% and ‘Dubai Islamic’ 1.17%, and the transport sector grew 0.79%, benefiting from the gains of ‘Aramex’ 2.05%, while ‘Air Arabia decreased by 0.89% and’ Gulf Navigation 1.12% .

The real estate sector declined 0.16%, with a decrease in ‘Arabtec’ by 4.08%, ‘Damac’ 0.54%, ‘Emaar Development’ by 0.42%, ‘Emaar Properties 0.35% and’ Deyaar ‘by 0.35%, while’ Emaar Malls rose 0.67% and ‘Union Properties’ 1.69%, and the sector fell The investment is 1.07%, with Dubai Investments falling 1.72%, while the Dubai Financial Market rose 0.36% and the beam 1.24%.

For the second consecutive day, Ithmaar Holding dominated the activity with a liquidity of 43.8 million dirhams, followed by Emirates NBD at 27.1 million dirhams, and then Dubai Investments of 25.62 million dirhams. The ‘IPO’ achieved the largest growth rate of 14.89%, while the symbol corporation was the lowest, at 4.44%.

Abu Dhabi Market

The rise of the Abu Dhabi market supported the rise of the real estate sector by 0.45%, with the growth of ‘Aldar’ by 0.5%, while ‘Ras Al Khaimah Real Estate decreased by 0.26%, and the investment sector increased by 2.95%, with the increase of’ Waha Capital ‘by 3.26%,’ Global Holding ‘by 3.01% and’ Ishraq ‘1.91%.

The banking sector marginally declined 0.02% with First Abu Dhabi falling 0.54%, Abu Dhabi Commercial rose 0.72% and Abu Dhabi Islamic Bank 3.61%, and the telecom sector fell 0.12% due to Etisalat’s decline by the same rate, and the energy sector declined 0.66%, driven by a decline. TAQA 0.72%, Dana Gas 0.7%, and ADNOC Distribution 0.57%.

First Abu Dhabi issued the activity with a liquidity of 77.68 million dirhams, followed by Global Holding 75.7 million dirhams, and Abu Dhabi Islamic, 55.23 million dirhams. Gulf Cement achieved the largest increase by 4.1%, while Baldco fell the most by 4.85%.

Disclosures

★ Arabtec Holding said that it has not appointed any debt restructuring consultant. The company added, in a disclosure to the Dubai market yesterday, that it is working with a group of consulting firms, including Alex Partners, to develop solutions and recommendations to be presented to shareholders at the next General Assembly meeting scheduled for tomorrow, for discussion and approval.

The company affirmed in its statement its keenness to adhere to the legislative texts related to disclosure and transparency. Last August, the company revealed that it is negotiating with a consulting firm, and will soon be tasked with assisting the executive management in the restructuring of capital and debt.

★ The Board of Directors of Orient Insurance, at its meeting recently, approved the adoption of the procedures followed for the conduct of operational processes, including the pricing action plan in the middle of this year.

★ The National Marine Dredging Company announced in the Governance Report that the Emiratisation rate in the (non-manual workers) class reached 8% at the end of last year.

Recommendations

The Securities and Commodities Authority confirmed that the brokerage company and the representative of the broker are not allowed to make recommendations to investors unless they have an additional license from the Securities and Commodities Authority to provide financial advice and financial analysis.

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