Local stocks held their ground in last week’s trading, coinciding with the launch of the quarterly corporate results marathon for the third quarter, at a time when 3 stocks in the Abu Dhabi market attracted about 50% of the total liquidity, which exceeded 3.7 billion dirhams, and was provided by “Al Alamiah Holding”, “First Abu Dhabi” and “Aldar”.
The Dubai market fell 0.4% to 2,185.55 points with the decline in banking, transport, goods, services and insurance shares, while the Abu Dhabi market rose marginally 0.05% at 4,556.74 points, with the support of real estate, telecommunications, insurance, industry and services stocks. The shares attracted liquidity of about 3.7 billion dirhams, of which 756.85 million dirhams in Dubai and 2.93 billion dirhams in Abu Dhabi, and 1.4 billion shares were traded, distributed by 739.7 million shares in Dubai and 644.5 million shares in Abu Dhabi.
The shares interacted with the corporate results, as the share of «Etisalat» rose 1.07%, to the highest level since September 2019, with the company’s profits exceeding 8 billion dirhams during the first nine months of this year, while Du rose 1.85% after the company’s profits rose to 1.39 billion dirhams. In the first nine months of this year, Emirates NBD declined by 3.48% and Dubai Islamic 0.96% with their profits retreating.
Raed Diab, Vice President of Research and Investment Strategies at KAMCO Invest, told the “Economic Statement” that the disparity dominated the performance of the local markets, as the Abu Dhabi market maintained its stability while the Dubai market declined slightly, while sentiment is still dominated by anticipation, awaiting more. Financial results in the coming period and seeing the extent of recovery from the crisis that led to a decline in global economic growth and affected most of the economic sectors significantly.
Diab expected market fluctuations in the coming period until more financial results for listed companies and banks appear for the third quarter of this year, as well as stability in oil prices, in addition to the pandemic developments, the US presidential election and who will be in power in the United States.
Pressure on the Dubai market: The banking sector fell 1.5%, with Emirates NBD falling by 3.48% and Dubai Islamic 0.96%, and the transport sector falling 3.09%, driven by a decrease in Aramex 5.29%, while Gulf Navigation increased by 3.46% and Air Arabia stabilized. ». The investment sector grew by 0.21% with the rise of “Dubai Financial Market” 1.23%, while “Shuaa Capital” fell 1.78% and “Dubai Investments” stabilized, and the real estate sector increased, driven by the rise of “Damac” “23%” and “Emaar Malls” by 2.78%, despite the decline of “Emaar” Real Estate »0.76%,« Union Real Estate »3.14% and« Diyar »1.41%.
«Dubai Islamic» dominated the activity by about 115.37 million dirhams, followed by «Emaar Properties» 108.57 million dirhams, then «Emirates NBD» 95.47 million, and «DAMAC» achieved the largest increase by 23%, followed by «City Finance» 9.55%, then «IPO »8.47%, while« Ithmaar »was the lowest by 13.33%, followed by« Salama Insurance »7.87%, then« DXB », which fell 6.78%. Citizen investors tended to buy, with a net investment of 135.5 million dirhams, while Arab, Gulf and foreign investors tended towards liquidation.
Abu Dhabi Market
The cohesion of the capital market supported the rise in the real estate sector by 5.08%, with the growth of “Aldar” of 5.34% and “Ras Al Khaimah Real Estate” 1.05%, while the telecommunications sector increased by 1.07% with the rise of the share of “Etisalat” by the same.
The banking sector fell 0.9%, due to the decline of “First Abu Dhabi” by 0.18%, “Abu Dhabi Commercial” by 4.91% and “Abu Dhabi Islamic” 1.87%, and the energy sector fell by 0.87%, driven by the decline of “Dana Gas” of 1.27% and “TAQA” 0.7% while it stabilized. ADNOC Distribution, and the investment sector fell 0.25%, after “International Holding” decreased by 0.36%, and “Ishraq” 1.31%, while “Waha Capital” increased by 0.98%.
The share of “Global Holding” topped the activity at about 755.64 million dirhams, followed by «First Abu Dhabi» 648 million dirhams, then «House» 462 million dirhams. “Methaq Takaful Insurance” achieved the largest increase by 13.28%, followed by “marine bulldozers” 12.47%, then “Union Insurance” 7.84% and closed at 0.55 dirhams, while “Emirates Driving School” was the lowest by 4.92%, followed by Abu Dhabi Commercial. 4.91%, followed by Abu Dhabi Ship Building, 2.95%.
Variation in performance
The performance of the institutions varied, as they tended to buy in the Abu Dhabi market, with a net investment of 151.2 million dirhams as a result of the purchase, while they tended towards liquefaction in Dubai, with a net investment of 93.9 million, while individual investors tended towards liquidation in Abu Dhabi with a net investment of 151.2 million dirhams, and towards buying in Dubai, with a net investment of 93.9 million Dirhams.
Foreign investors bought on the Abu Dhabi market, with a net investment of 452.56 million dirhams, while Arab and Gulf investors and citizens tended towards liquidation.
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