Selective buying boosts Dubai market gain by 2.2 billion – economic...

Selective buying boosts Dubai market gain by 2.2 billion – economic...
Selective buying boosts Dubai market gain by 2.2 billion – economic...
(MENAFN – Al-Bayan) Date: November 09, 2020 The closing of local stocks diverged at the end of yesterday’s session, as the market continued to rise for the second consecutive session with gains of 2.2 billion dirhams, driven by selective buying that mainly targeted real estate stocks, while the Abu Dhabi market fell under major pressure from profit-taking on First Abu Dhabi. The Dubai market rose 0.98% to 2,181.65 points, with the rise in real estate, banking, services, investment, commodities, insurance and communications stocks, while the Abu Dhabi market fell 0.25% at 4,706.16 points, under pressure from the decline of banks, investment and commodities. The shares attracted liquidity of about 419.3 million dirhams, including 95.9 million dirhams in Dubai and 323.4 million dirhams in Abu Dhabi, and 174.31 million shares were traded, distributed by 94.15 million shares in Dubai and 80.16 million shares in Abu Dhabi, through 4,028 transactions.

Dubai market

The rise of the Dubai market was supported by a rise in the banking sector by 0.21% with the growth of ‘Dubai Islamic’ 0.73%, while ‘Emirates NBD’ decreased by 0.2%, and the real estate sector increased by 2.67% with the rise of ‘Emaar Properties by 3.5%,’ Emaar Malls’ 2.11% and ‘Emaar Development 3.13’. Union Properties 0.38% and Damac 1.9%, while Deyaar decreased by 0.37%. The investment sector rose 0.83%, with Dubai Investments rising by 0.87% and Dubai Financial Market by 1.23%. The transport sector fell 0.48%. Emaar Properties topped the activity at 44.74 million dirhams, followed by Union Properties by 11 million, and Dubai Islamic by 9.3 million. Amanat achieved the largest increase by 3.81% to 0.789 dirhams, while Ajman Bank was the lowest, by 4.37%. Arab and Gulf investors and citizens tended towards buying, with a net investment of 10.43 million dirhams, while foreigners tended to liquidate.

Abu Dhabi Market

And pressure on the Abu Dhabi market, the banking sector fell 0.79%, with a decline in ‘First Abu Dhabi’ by 1.19%, while ‘Abu Dhabi Commercial rose 0.17% and’ Abu Dhabi Islamic ‘0.45%, and the investment sector declined 1.42%. The real estate sector increased 2.11%, with the house up 2.3%, and the energy sector 1.11%. The telecom sector increased 0.12%. Global Holding dominated the activity by 73.86 million dirhams, followed by First Abu Dhabi, 73.2 million. Marine dredges achieved the largest increase, by 10.79%, while Abu Dhabi National Takaful was the lowest, by 4.85%. And foreign investors began to buy, with a net investment of 40.68 million dirhams, while Arab and Gulf investors and citizens tended to liquidate.

Institutions

Institutions tended to sell in the two markets, with a net investment of 3.77 million dirhams, of which 3.12 million in Abu Dhabi and 600 thousand in Dubai, while individual investors tended to buy, with a net investment of 3.77 million dirhams, of which 600 thousand in Dubai and 3.12 million in Abu Dhabi.

Disclosures

* AM Best, the global rating agency, has assigned an A-rating to the financial strength of Alliance, and the New Jersey-based agency has assigned an (-a) to the issuer’s credit rating with a stable outlook on both ratings.

* The Board of Directors of Gulf General Investments Company ‘GGICO will meet on Wednesday to discuss the company’s consolidated and unaudited financial statements for the period ending on September 30th.

* Takaful Al Emarat – Insurance announced that a board meeting will be held on Wednesday to approve the financial statements for the period ending on September 30, 2020.

* Shuaa Capital’s Board of Directors will approve the consolidated financial statements and the audit report for the period ending on September 30, 2020 on Wednesday.

* The Board of Directors of Gulf Pharmaceutical Industries’ Julphar will hold a meeting on November 12th to consider restructuring the bank loan.

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