- Abu Dhabi – Rami Samih
Date: 07 November 2020 The local stock closings varied and the market capitalization of nearly 28.3 billion dirhams at the end of last week’s trading, which witnessed a state of optimism, with a number of companies announcing positive results, bringing the market capitalization of shares to about 1.038 trillion dirhams.
The Abu Dhabi market rose 1.24% to 4,718 points, with the growth of the shares of banking, investment, telecommunications, insurance, energy, industry, goods and services, while the Dubai market fell 1.25% at 2,160.44 points, with the decline in banking, real estate, insurance, investment, commodities and telecommunications stocks.
The shares attracted a weekly liquidity of about 2.6 billion dirhams, of which 2.04 billion in Abu Dhabi and 600.4 million in Dubai, and 1.057 billion dirhams were traded, distributed by 475.47 million in Abu Dhabi and 582.4 million in Dubai, through 25.4 thousand deals. 4 shares accounted for more than half of the liquidity, accounting for 57% or 1.5 billion dirhams, which are Dubai Islamic, Al Dar, Abu Dhabi First and Global Holding.
Strong stimuli
Raed Diab, Vice President of Research and Investment Strategies at KAMCO Invest, told the economic statement: Local markets closed again on a mixed note.
Where the performance of the Dubai market is still modest, awaiting strong incentives, while the Abu Dhabi market maintained its upward path. He added that there is anticipation for more financial results for the listed companies, especially the leading companies.
While the banks succeeded in achieving stable profits while affected by the increase in allocations, which is natural as a result of the repercussions of the pandemic, it is expected that the coming period will witness a state of calm until new incentives are seen and the results of the US presidential election and who will be in power.
Dubai market
Pressure on the Dubai market, the banking sector fell 0.3%, with Dubai Islamic falling 1.92%, while Emirates NBD rose 1.26%, and the real estate sector decreased 3.65%, with Emaar Properties declining by 3.75%, Emaar Malls 4.05% and Emaar Development 2.19% Damac 3.67%, Deyaar 0.74%, and Union Properties 7.8%.
The investment sector fell 0.71% with the Dubai Financial Market retreating 3.23%, while Shuaa Capital rose 1.64% and Dubai Investments settled.
The transport sector grew by 0.74%, supported by the rise of ‘Aramex’ by 2.53%, while ‘Air Arabia decreased by 1.82% and’ Gulf Navigation 0.96%.
Dubai Islamic dominated the activity at 146.46 million dirhams, followed by Emaar Properties at 103.58 million dirhams, and then Emirates NBD 83.78 million dirhams. Arab and Gulf investors and citizens tended to buy in Dubai with a net investment of 151 million dirhams, while foreign investors tended to sell.
Agility achieved the largest increase of 14.87%, followed by Dubai Refreshments 5.26%, then Tabreed 4.9%, while Al Madinah Finance was the lowest by 9.42%, followed by Aman 8.35%, then Union Real Estate 7.8%.
Abu Dhabi Market
The rise of the Abu Dhabi market was supported by a rise in the banking sector by 1.85%, with a growth of ‘First Abu Dhabi by 2.44% and’ Abu Dhabi Islamic Bank ‘by 2.99%, while’ Abu Dhabi Commercial ‘decreased by 0.51%, and the investment sector increased by 5.8% with an increase in’ Global Holding ‘5.53%,’ Ishraq 2.62% and ‘Al Waha Capital 9.8%. The telecom sector grew by 0.59%, with Etisalat rising by the same amount.
The energy sector rose 0.31%, with a growth of 13.89%, while Dana Gas decreased by 5.74% and ADNOC Distribution decreased by 1.79%. The real estate sector declined 4.43%, with pressure from Al Dar falling by 2.97%, while Ras Al Khaimah Real Estate rose 2.08%.
Aldar Real Estate issued the activity at about 466 million dirhams, followed by International Holding 447.8 million dirhams, then Abu Dhabi First 431 million dirhams. Ras Al Khaimah National Insurance achieved the largest increase by 15%, followed by TAQA 13.89%, then Waha Capital 9.8%, while Dana Gas was the lowest by 5.74%, followed by Insurance House 4.94%, then Emirates Driving School 4.88 %.
Citizen Investors
Citizen investors in Abu Dhabi bought a net investment of 50.5 million dirhams, while Arab, Gulf and foreign investors moved towards liquidation. Institutional performance varied.
Where it tended towards buying in Abu Dhabi with a net investment of 82.6 million dirhams, and towards liquefaction in Dubai, with a net investment of 123 million dirhams as a result of the sale, while individual investors tended towards buying in Dubai, with a net investment of 123 million dirhams, and towards liquidation in Abu Dhabi, with a net investment of 82.6 million dirhams.
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