The local stock markets rose at the close of yesterday’s session after its market capital gained more than 8.1 billion dirhams, supported by gains in bank shares, and the continuation of selective buying on stocks with good results.
The Dubai market rose 0.64% to 2153.48 points, with the rise in banking, real estate, investment, transport and commodity shares, while the Abu Dhabi market increased 0.87% at 4,689.79 points, supporting the rise of banking, investment, communications, insurance, industry, goods and services shares.
Liquidity decreased again below half a billion dirhams to 488 million, of which 407.2 million were in Abu Dhabi and 80.9 million in Dubai, and 158.7 million shares were traded, distributed by 89 million in Abu Dhabi and 69.7 million in Dubai, through 4,683 deals.
Dubai market
The rise of the Dubai market was supported by the rise of the banking sector 1.19%, with the growth of «Dubai Islamic» 1.74% and «Emirates NBD» 0.96%, and the real estate sector slightly increased by 0.05% after the growth of «Damac» 0.92%, «Diyar» 1.12% and «Emaar» Malls »0.71%, despite the decline of« Emaar Properties »0.38% and« Union Properties »0.74%, while« Emaar Development »stabilized.
The investment sector rose 0.36%, driven by gains from “Dubai Financial Market” 0.86% and “Shuaa Capital” by 3.39%, while “Dubai Investments” stabilized, and the transport sector rose 0.6% with “Air Arabia” rising 1.86%, and “Aramex” stabilized.
«Dubai Islamic» led the activity, attracting 25.7 million dirhams, followed by «Emaar Properties» 19.5 million. “Shuaa Capital” achieved the largest increase by 3.39%, while “Al Madina Finance” was the lowest, by 3.78%. Arab investors and citizens tended to buy, with a net investment of 16.14 million dirhams, while Gulf and foreign investors tended to liquidate.
Abu Dhabi Market
The rise of the Abu Dhabi market supported the rise in the banking sector by 1%, with the growth of “First Abu Dhabi” by 0.87%, “Abu Dhabi Islamic” 4.1% and “Abu Dhabi Commercial” 1.41%, and the telecommunications sector increased by 0.59% after the rise in the share of “Etisalat” by the same rate. The investment sector rose 3.17%, with the growth of “International Holding” 3.8%.
The energy sector increased 0.05%, with Taqa’s rise of 0.7%. The real estate sector fell 1.18%.
“Aldar” dominated the activity with a liquidity of 95.7 million dirhams, followed by “International Holding” of 91.5 million dirhams, and “Abu Dhabi Ship Building” achieved the largest increase by 4.98%, while “Gulf Cement” was the lowest by 4.8%. Citizen investors tended to buy, with a net investment of 32.78 million, while Arab, Gulf and foreign investors tended to liquidate.
Institutions
The performance of the institutions varied, as they tended towards buying in the Abu Dhabi market, with a net investment of 31 million dirhams, and towards liquefaction in the Dubai market, with a net investment of 15.3 million dirhams, while individual investors tended to buy in the Dubai market with a net investment of 15.3 million dirhams, and towards liquefaction in the Abu Dhabi market, with a net investment of 31 One million dirhams.
Disclosures
★ Shuaa Capital has set next Monday as the date for issuing a passing decision regarding the appointment of a board member.
★ Amlak Finance announced that the Board of Directors will hold a meeting next Monday to discuss the interim data for the period ending on September 30, 2020.
★ The profits of the “Union Insurance” company increased to 7.46 million dirhams in the third quarter, compared to 5.6 million in the corresponding period last year.
★ Agthia’s board of directors will meet on November 8th to discuss business related to the company’s affairs and its current and future projects.
★ Gulf Cement incurred accumulated losses of about 413.21 million dirhams until the end of the third quarter, equivalent to 50.33% of the company’s capital, indicating that measures have been taken to address losses, including restructuring of capital to extinguish the accumulated losses to be more efficient and support the company’s ability to face reality and challenges in its future growth .
★ The board of directors of the Abu Dhabi National Energy Company (TAQA) is considering, on November 9th, allowing non-citizens of the country to own the company’s shares, and inviting the general assembly to convene to consider amending the company’s articles of association.
★ “Abu Dhabi National Hotels” incurred losses of about 75.76 million dirhams in the first nine months of this year, compared to profits of 138.05 million dirhams in the same period last year.
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