UAE – Profit-taking targeting bank stocks and anticipating new incentives

• Abu Dhabi – Rami Samih

Date: 02 October 2020 Real estate stocks led by Emaar Properties supported the cohesion of the local markets at the end of yesterday’s session, in front of profit-taking operations that mainly targeted bank stocks, while liquidity fell again below 410 million dirhams as investors awaited new stimuli.

The Dubai market fell by 7.7 points, or 0.34%, to close at 2,265.7 points, with the decline in banking, investment and transport shares, while real estate rose, while the Abu Dhabi market fell by 0.58%, or 26 points, to close at 4,492.02 points, with the decline in banking, communications and investment stocks in contrast High energy and property stability.

The shares attracted liquidity at about 409.8 million dirhams, distributed by 258.7 million in Abu Dhabi and 151.1 million in Dubai. 276.4 million shares were traded, including 212.5 million in Dubai and 63.8 million in Abu Dhabi, through 4,210 deals.

Dubai market

The Dubai market was affected by a 0.66% decline in the banking sector, with Emirates NBD falling 1.41%, while Dubai Islamic, the investment sector fell 0.09%, with Shuaa declining 4.55%, while Dubai Investment stabilized and the Dubai Financial Market rose 0.6%, and the investment sector fell by 0.09%. Transportation 0.55%, driven by a 1.64% drop in Aramex, compared to a 0.89% increase in Air Arabia and 3.04% for Gulf Navigation.

While the real estate sector rose 0.24% with Emaar Properties rising 1.07%, while Emaar Development was stable, Deyaar decreased by 0.35%, Emaar Malls decreased by 0.67%, Damac 1.09% and Union Properties 2.01%. Aman dominated the activity, attracting 37.6 million dirhams, followed by Emaar Properties, at about 23.7 million dirhams, and then by Union Properties, at 14.6 million dirhams. Gulf Navigation achieved the largest increase, while Ithmaar Holding Company declined the most, by 4.88%. Citizen investors tended to buy, with a net worth of 11 million, while Arab, Gulf and foreign investors tended to sell. On the Abu Dhabi market, the shares of ‘Global Holding Company’ were issued, attracting 70.8 million dirhams, followed by the first Abu Dhabi 55.17 million dirhams, then Aldar 46 million dirhams. Swadtel achieved the largest rate of rise by 3.98%, while Gulf Cement was the lowest by 4.81%. Arab and foreign investors tended to buy, with a net worth of 49 million, while Gulf investors and citizens sought to liquidate.

instructions

The Securities and Commodities Authority said that investors in the capital markets can, at any time, through the authority’s smart application or its website, benefit from the grievance adjudication service, obtain legal advice, and view legislation and periodic reports on financial markets.

Abu Dhabi Market

Pressure on the Abu Dhabi market, the banking sector decreased by 0.78%, with a decline in ‘First Abu Dhabi’ by 0.89%, ‘Abu Dhabi Commercial’ 0.35% and ‘Abu Dhabi Islamic’ 1.63%, and ‘Abu Dhabi Islamic’ fell by 0.24% with a decline in ‘Etisalat’ share in the same percentage, and investment retreated by 1.655 with a decline in ‘Global Holding 1.85% and Ishraq 3.53%, while Al Waha rose 0.52%. The real estate sector stabilized with the stability of Aldar, the energy sector rose 0.17% with Dana Gas up 0.42%, while TAQA and ADNOC Distribution stabilized.

Disclosures

* Union Real Estate clarified that the value of the exit deal and the sale of a 40% stake in Dubai Autodrome’s capital amounts to 400 million dirhams, noting that the ratio of the exit value to the capital is 9.3% and the deal is expected to be executed in the current quarter or the first quarter of 2021, confirming that it In the process of acquiring an existing investment property in the Business Bay area in Dubai with a value of 250 million dirhams during the current quarter or the first quarter of next year, indicating that the value of the acquisition will be estimated during a schedule of payments from the internal revenues of the company, at 50 million a down payment upon signing the purchase and sale contract , And 4 payments due every 6 months at 50 million for each payment.

* GFH said that the continuity of listing the group’s shares on the Kuwait Stock Exchange or canceling the listing and transferring shares to the Bahrain Stock Exchange is still under study by the Board of Directors and has not been decided upon, and the company’s general assembly approved the amendment of the balance of accumulated losses by transferring $ 110.27 million From the legal reserve, subject to the approval of the regulatory authorities, and approved the restructuring of the Khaleeji Commercial Bank and the appointment of Ali Murad and Ahmed Al-Ahmadi as appointed members of the Board of Directors.

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