- Abu Dhabi – Rami Samih
Date: October 10, 2020 Stock market closings varied at the end of last week’s trading amid a state of anticipation for the start of the quarterly results marathon for listed companies, while some leading stocks witnessed selective buying, driven by the announcement of their companies ‘positive incentives, foremost of which is’ Agthia. Investment, real estate, communications and commodities, while the Dubai market fell 2.3% at 2,214.32 points, under pressure from the decline in banking, real estate, investment, insurance, transport, goods and services shares. Shares attracted liquidity by about 2.2 billion dirhams, of which 1.48 billion in Abu Dhabi, 732.25 million in Dubai, and 1.5 billion were traded. Shares, distributed by 1.093 billion in Dubai and 449.89 million in Abu Dhabi, through 23.15 thousand transactions.
Raed Diab, Vice President of Research and Investment Strategies at KAMCO Invest, told the economic statement that the markets have witnessed a variation in their performance in the absence of new motivating factors, with anticipation controlling sentiment pending the start of the quarterly results marathon, indicating that the past few weeks will witness the emergence of Financial results for companies and banks for the third quarter, which are likely to be better than the second quarter.
He stressed that the government’s continuous efforts to accelerate growth and a gradual return to before the spread of the virus, with the stimulus packages it provided, and the reopening of all economic activities, are expected to bear fruit on the growth of the economy and will also be a catalyst for investor morale.
Pressure on the Dubai market: The banking sector fell 0.95% after Dubai Islamic fell 2.08%, while Emirates NBD stabilized, and the real estate sector fell 5% due to the decline in Emaar Properties by 6.03%, Union Properties 10.96%, Emaar Malls 2.7%, and Damac 3.18%, Emaar Development 4.18%, and Dyar 2.81%.
The investment sector fell 3.19%, with the decline of ‘Dubai Investments’ 2.61%,’ Dubai Financial Market ‘4.03% and’ Shuaa Capital ‘7.79%, and the transport sector decreased by 2.02%, pressured by the decline of’ Air Arabia 3.54%, ‘Aramex 0.71% and’ Gulf Navigation 8.86%.
Emaar Properties dominated the activity, attracting 144.5 million dirhams, followed by Union Properties 80.47 million dirhams, followed by Aramex 56 million dirhams, and Dubai Refreshments achieved the largest increase of 1.67%, while Union Real Estate was the lowest 10.96%.
Arab and Gulf investors and citizens, with a net investment of 99.34 million dirhams, made money, while foreign investors tended to liquidate, with a net investment of 99.34 million dirhams.
Abu Dhabi Market
The rise of the capital market boosted the growth of the real estate sector 0.55%, driven by gains of ‘Aldar’ 0.5% and ‘Ras Al Khaimah Real Estate’ 1.31%, and the investment sector grew 1.31%, with ‘Global Holding’ increased by 1.04% and ‘Waha Capital’ by 4.62%, while ‘Ishraq decreased by 1.33%, and an increase The telecom sector increased by 1.68%, with the share of ‘Etisalat’ increasing in the same percentage. The banking sector decreased marginally 0.06% with the decline of ‘Abu Dhabi Current 0.53% and’ Abu Dhabi Islamic ‘1.42%, while’ First Abu Dhabi ‘increased 0.18%, and the energy sector decreased 1.08% with a decline in’ Dana Gas. 0.7%, ADNOC Distribution 3.69%, while Taqah rose 2.9%.
First Abu Dhabi led the activity, attracting 345 million dirhams, followed by International Holding 295.84 million dirhams, and Food Industries achieved the largest increase by 21.85% after the group announced that it had received an offer from Senaat to unify its business with Al Foah, while Methaq Takaful Insurance was the lowest by 9.15%, followed by ‘Homes 8.76%, then’ Sudatel ‘6.7%.
Gulf investors and citizens tended to buy with a net investment of 61.87 million dirhams, while Arab and foreign investors tended to liquidate, with a net investment of 61.87 million dirhams.
The performance of the institutions varied, as they tended to buy in the Abu Dhabi market, with a net investment of 10.4 million dirhams, while they tended towards liquefaction in the Dubai market with a net of 82.4 million dirhams, while individual investors tended to buy in the Dubai market with a net 82.4 million dirhams, and toward liquefaction in Abu Dhabi with a net 10.4 million dirhams.
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