UAE – Domestic markets withstand foreign and institutional sales

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(MENAFN – Al-Bayan) Source:

  • Abu Dhabi – Rami Samih

Date:
March 11, 2020 The local stock markets withstood the end of a session yesterday, against foreign and institutional monetization operations, with their decline at a relatively low pace compared to the global markets, on the impact of the return of low oil prices, at a time when local investors continued to seize opportunities and build new financial centers with prices trading at attractive levels.

And the Dubai market fell by 1.04% at the level of 2207.95 points, with shares of banks, real estate, commodities, investment, services, insurance and telecommunications falling, while the Abu Dhabi market fell by 0.64% to the level of 4235.51 points, as the shares of banks, real estate, energy and commodities fell.

The shares of Emirates NBD snatched the attention of investors with a rise of 0.83%, amid transactions exceeding 53 million dirhams, topping the list of the most active in value, after the General Assembly approved raising foreign ownership to 40%.

The shares attracted liquidity of 552.5 million dirhams, including 229.5 million in Dubai, and 323 million dirhams in Abu Dhabi, and 285.5 million shares were traded, distributed by 178.5 million in Dubai, and 107 million in Abu Dhabi, through 5615 transactions.

Dubai Market

And pressure on the Dubai market, the real estate sector decreased by 2.45%, with Emaar Properties dropping 1.38%, Emaar Development 1.27%, Emaar Malls 3.52%, Union Real Estate 5.14%, Arabtec 4.94%, and Damac 5.83%. Diyar 8.87%, the banking sector fell 0.65%, Dubai Islamic declined 0.61%, and Emirates NBD rose 0.83%.

The investment sector fell 0.63%, while the transportation sector increased 2.17%. And the ‘Emirates NBD activity’ was issued, followed by ‘Dubai Islamic’ with liquidity of 40 million dirhams. Gulf Navigation achieved the largest increase by 8.29%, while Shuaa Capital was the most declining by 10%.

Abu Dhabi Market

The Abu Dhabi market was affected by the decline in the banking sector by 1.77%, with the decline of ‘Abu Dhabi Commercial 5.17%,’ Abu Dhabi First 1.17%, and ‘Abu Dhabi Islamic 1.73%, and the real estate sector, which fell 5.75%. The telecom sector rose 3.18% with the rise of ‘Etisalat in the same proportion.

The energy sector increased 1.3%. The investment sector rose 0.45%. Al-Zawiyah Oasis, listed on the second market, claims activity attracting 116.16 million dirhams after executing a large deal of 105.6 million. And Ras Al Khaimah White Cement achieved the largest increase by 15%, while Manazel was the lowest by 10%.

Institutions

Investment institutions and portfolios continued monetization operations, with a net investment of 48 million dirhams, including 9.1 million in Dubai, and 38.7 million in Abu Dhabi, while individual investors moved towards monetization, with a net investment of 47.9 million dirhams, distributed by 9.1 million in Dubai, and 38.7 million in Abu Dhabi.

Disclosures

– The Board of Directors of Amanat Holding Company decided to pass the activation of the decision of the General Assembly to purchase the shares of the company with a maximum of 10% of the total capital for the purpose of reselling them after obtaining the licenses and delegating the CEO to the powers to apply for approvals from the regulatory authorities in this regard.

– The Board of Directors of Shuaa Capital decided to postpone its meeting scheduled today to Monday to adopt the financial results 2019, by passing and calling for the annual general meeting.

The Board of Directors of Amlak Finance approved the audited financial statements for the financial year ended 31 December 2019.

– The Emirates Takaful Company disclosed the size and percentage of its accumulated losses, and the means of dealing with it, explaining that the accumulated losses amounted to 55.48 million, constituting 31.99% of its capital of 150 million dirhams.

– The board of directors of Drake & Scull agreed to re-form the boards of directors, and to reappoint Khalifa Al-Rumaithi as a vice-chairman to replace Ahmed Bin Brook, provided that Ahmed Bin Brook remains a member of the board of directors.

Ras Al Khaimah National Insurance Company will hold a general meeting on March 31 to consider the distribution of bonus shares of 5%, equivalent to 5.77 million dirhams, for 2019.

– The general assembly of Ishraq Investment Company will be held on March 26th to consider the company’s budget.

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