UAE – Stock markets hold together with the launch of the...

UAE – Stock markets hold together with the launch of the...
UAE – Stock markets hold together with the launch of the...
(MENAFN – Al-Bayan) Date: October 24, 2020 Local shares held steady in last week’s trading, coinciding with the launch of the quarterly corporate results marathon for the third quarter, at a time when 3 stocks in the Abu Dhabi market attracted about 50% of the total liquidity that exceeded 3.7 billion dirhams, and was advanced by Global Holding, Abu Dhabi First and Al Dar.

The market fell 0.4% to 2,185.55 points with the decline in banking, transport, goods, services and insurance shares, while the Abu Dhabi market rose marginally 0.05% at 4,556.74 points, with the support of real estate, telecommunications, insurance, industry and services stocks. The shares attracted liquidity of about 3.7 billion dirhams, of which 756.85 million dirhams in Dubai and 2.93 billion dirhams in Abu Dhabi, and 1.4 billion shares were traded, distributed by 739.7 million shares in Dubai and 644.5 million shares in Abu Dhabi.

The shares interacted with the corporate results, as the share of Etisalat rose 1.07%, reaching its highest level since September 2019, with the company’s profits exceeding 8 billion dirhams during the first nine months of this year, while Du rose 1.85% after the company’s profits rose to 1.39 billion dirhams in the nine The first months of this year, while Emirates NBD fell 3.48% and Dubai Islamic 0.96% with their profits retreating.

Financial results

Raed Diab, Vice President of Research and Investment Strategies at KAMCO Invest for the economic statement, said that the discrepancy dominated the performance of the local markets, as the Abu Dhabi market maintained its stability while the Dubai market declined slightly, while sentiment was still dominated by anticipation, awaiting more financial results. In the coming period and to see the extent of recovery from the crisis that led to a decline in global economic growth and greatly affected most economic sectors.

Diab expected market fluctuations in the coming period until more financial results for listed companies and banks appear for the third quarter of this year, as well as stability in oil prices, in addition to the pandemic developments, the US presidential election and who will be in power in the United States.

Dubai market

Pressure on the Dubai market, the banking sector fell 1.5% with a decline in Emirates NBD 3.48% and Dubai Islamic 0.96%, and the transport sector fell 3.09%, driven by a decline in ‘Aramex 5.29%, while’ Gulf Navigation increased by 3.46% and Air Arabia stabilized. The investment sector grew by 0.21% with the Dubai Financial Market rising 1.23% while Shuaa Capital fell 1.78% and Dubai Investments stabilized, and the real estate sector increased, driven by the rise of Damac 23% and Emaar Malls by 2.78%, despite the decline of ‘Emaar Properties 0.76% and’ Union Real Estate 3.14% and Diyar 1.41%.

Dubai Islamic dominated the activity at about 115.37 million dirhams, followed by Emaar Properties 108.57 million dirhams, then Emirates NBD 95.47 million, and DAMAC achieved the largest increase by 23%, followed by Al-Madina Finance 9.55%, then 8.47% underwriting, while it was ‘Ithmaar is the lowest by 13.33%, followed by’ Salama Insurance 7.87%, then ‘DXB, which fell 6.78%. Citizen investors tended to buy, with a net investment of 135.5 million dirhams, while Arab, Gulf and foreign investors tended towards liquidation.

Abu Dhabi Market

The capital market cohesion supported the rise in the real estate sector by 5.08%, with the growth of ‘Aldar’ by 5.34% and ‘Ras Al Khaimah Real Estate’ by 1.05%, while the telecom sector increased by 1.07% with the rise of ‘Etisalat’ by the same.

The banking sector fell 0.9%, following a decline in First Abu Dhabi 0.18%, Abu Dhabi Commercial 4.91% and Abu Dhabi Islamic 1.87%, and the energy sector 0.87%, driven by a decline in Dana Gas 1.27% and Energy 0.7% while ADNOC Distribution stabilized, and the The investment was 0.25%, after global Holding fell by 0.36% and Ishraq 1.31%, while Waha Capital increased by 0.98%.

Global Holding Company topped the activity at 755.64 million dirhams, followed by first Abu Dhabi 648 million dirhams, then Aldar 462 million dirhams. Methaq Takaful Insurance achieved the largest increase by 13.28%, followed by marine bulldozers 12.47%, then Union Insurance 7.84% and closing at 0.55 dirhams, while Emirates Driving School was the lowest by 4.92%, followed by Abu Dhabi Commercial 4.91%, then Abu Dhabi Ship Building 2.95%.

Variation in performance

The performance of the institutions varied, as they tended to buy in the Abu Dhabi market, with a net investment of 151.2 million dirhams as a result of the purchase, while they tended towards liquefaction in Dubai, with a net investment of 93.9 million, while individual investors tended towards liquidation in Abu Dhabi with a net investment of 151.2 million dirhams, and towards buying in Dubai, with a net investment of 93.9 million Dirhams.

Foreign investors bought on the Abu Dhabi market, with a net investment of 452.56 million dirhams, while Arab and Gulf investors and citizens tended towards liquidation.

Follow the economic statement via Google News

MENAFN2310202001100000ID1101009000

These were the details of the news UAE – Stock markets hold together with the launch of the... for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

PREV Egypt PMI fell in April to lowest level in 9 months
NEXT Sadara first quarter profit surges on chemical prices increase, debt rejig