- Abu Dhabi – Rami Samih
Date: 06 November 2020 Stocks strengthened their gains for the second consecutive session, at the end of the weekend session, after its market capital gained 25.5 billion dirhams, with the support of selective buying of institutions, targeting good results and ‘leadership’ stocks, with a liquidity of nearly 600 million dirhams. The Dubai market grew 7 points, Or 0.32%, to reach 2160.44 points.
The Abu Dhabi market increased 0.6%, or 28.2 points, to close at 4,718.01 points, with the rise in banking, real estate, telecommunications and energy stocks.
The shares attracted liquidity by about 592.05 million dirhams, distributed by 446.8 million in Abu Dhabi and 145.3 million in Dubai, and 4 shares accounted for 53.5% of the liquidity, which are Aldar, Global Holding, Abu Dhabi First and Emirates NBD.
Dubai market
Supporting the rise of the Dubai market, the banking sector rose by nearly 1%, with the growth of ‘Emirates NBD 2.12%, while’ Dubai Islamic ‘stabilized, and the transport sector increased by 0.43%, supported by the rise of’ Gulf Navigation by 1.47%, ‘Aramex 1.25%, while it fell Air Arabia 0.92%. The real estate sector fell 0.37%, with Damac dropping 3.67%, and Union Properties falling 1.89%.
While Deyaar and Emaar Properties stabilized, Emaar Malls rose 0.71%, Emaar Development rose 0.45%, and the investment sector declined marginally 0.01%, driven by a 0.37% drop in the Dubai Financial Market, while Dubai Investments stabilized, and Shuaa rose 1.64% .
Emirates NBD dominated the activity, attracting 55.1 million dirhams, followed by Dubai Islamic of 37.8 million dirhams. Ajman Bank achieved the largest increase by 4.26%, while DAMAC was the lowest, by 3.67%.
Abu Dhabi Market
The rise of the Abu Dhabi market supported the rise of the banking sector by 0.85%, with the growth of ‘First Abu Dhabi’ by 1.21%, ‘Abu Dhabi Commercial’ 1.39%, while ‘Abu Dhabi Islamic’ decreased by 1.97%, and the telecommunications sector increased by 0.24%, with the rise of ‘Etisalat’ by the same. The energy sector rose 1.99%, with TAQA increasing by 14.69%, while Dana Gas and ADNOC Distribution decreased by 2.88% and 0.9%.
The real estate sector grew 0.16%, with Ras Al Khaimah Real Estate rising 3.42%, while Aldar stabilized, and the investment sector fell 0.25%, with Global Holdings falling 1.27%.
While Ishraq rose 2.62% and Al Waha 6.67%, reaching their highest levels since May 2019. Aldar leads the activity, attracting 90.2 million dirhams, followed by International Holdings with 87.9 million dirhams. TAQA achieved the largest increase, by 14.69%, while Dana Gas was the lowest, by 2.88%.
Institutions
Institutions deliberately bought 37.6 million dirhams, of which 4.1 million dirhams in Dubai and 33.55 million dirhams in Abu Dhabi, while individual investors tended to liquidate, at 37.6 million dirhams.
Disclosures
* Ajman Bank achieved net profits of 55.9 million dirhams by the end of the first nine months of this year, compared to profits of 110.2 million dirhams, during the same period in 2019, a decrease of 49%.
* The results of the United Foods Company showed that it achieved a net profit of 32.8 million dirhams by the end of the first nine months of 2020, an increase of 39.4%.
* The General Assembly of Oman Insurance Company approved a decision to amend some articles of the company’s articles of association, in line with the governance guide for public joint-stock companies issued pursuant to the decision of the Chairman of the Board of Directors of the Securities and Commodities Authority No. 3 of 2020, and the regulations issued by the Insurance Authority.
Next Sunday, Emirates Investment Bank will hold a board meeting to discuss the financial statements for the third quarter.
* Orient UNB Takaful Board of Directors will meet next Wednesday to approve the financial results for the third quarter.
* The Arab Insurance Group announced the approval of the Central Bank of Bahrain to extend the term of the current board of directors until the next general assembly meeting in March 2021, due to the ‘Corona’ pandemic, and the inability to hold the general assembly to conduct a secret ballot to elect the new board members.
* GFH Financial Group announced the details of the market-making operations that were carried out by the market maker of the group, SICO, during the month of October in the Dubai Financial Market and Bahrain Bourse. The total number of securities purchased on the Dubai market reached 55.34 million, and sold 10.49 million .
While the total amounts paid reached 31.79 million dirhams, received 5.98 million dirhams, and the cash balance reached 42.78 million dirhams. On the Bahrain Stock Exchange, the number of securities purchased reached 1.27 million, and sold 45.29 million.
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