UAE – Stocks resist profit taking amid institutional foreign buying

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Source: (MENAFN – Al-Bayan)

  • Abu Dhabi – Rami Samih

Date: November 30, 2020 The closure of local stocks at the end of yesterday’s session, with its exposure to partial and due profit-taking operations, which it succeeded in resisting thanks to the purchases of foreign and institutions.

The Abu Dhabi market rose 0.28% to 4,985.87 points with the rise in real estate, communications, investment, insurance, energy, services and commodities, while the Dubai market fell 0.82% at 2,399.98 points under pressure from banks, real estate, transport, services and communications. The shares attracted liquidity by 629.74 million dirhams, including 370.4 million in Abu Dhabi and 259.34 million in Dubai, and 283.3 million shares were traded, distributed by 80.3 million in Abu Dhabi and 203 million in Dubai, through 5588 deals. According to the monitoring of the economic statement, institutions deliberately bought in the two markets with a net investment of 15.85 million dirhams, of which 1.8 million in Dubai and 14 million in Abu Dhabi, while individual investors tended towards liquidation, with a net investment of 15.85 million dirhams, distributed by 1.8 million in Dubai and 14 million in Abu Dhabi.

Dubai market

And pressure on the Dubai market, the real estate sector fell by 1.15%, with Emaar Properties falling 0.61%, Emaar Development 1.08%, Emaar Malls 3.14%, Dyar 1.4% and Damac 0.85%, and the banking sector fell 0.97% with Dubai Islamic declining 0.2 % And Emirates NBD 1.89%.

The transport sector fell 0.03%. The investment sector increased 0.8%. Emaar Properties dominated the activity, attracting 53.3 million dirhams, followed by the Dubai Financial Market, 31.15 million dirhams, and Dubai Islamic 28.12 million. Shuaa Capital achieved the largest increase, at 4%, while Emaar Malls declined the most, by 3.14%. Gulf and foreign investors tended to buy, with a net investment of 25.4 million dirhams, while Arab investors and citizens tended to liquidate.

Abu Dhabi Market

The rise of the Abu Dhabi market was supported by a rise in the telecommunications sector by 1.3% with the growth of the share of ‘Etisalat’ by the same, the energy sector rose by 0.27%, and the real estate sector rose 0.01%. The investment sector increased 0.86% after the growth of ‘International Holding Company’ by 0.7% and ‘Al Waha Capital’ by 2.8%, while the banking sector decreased by 0.14%, with ‘First Abu Dhabi falling 0.16%,’ Abu Dhabi Commercial rose 0.16% and ‘Abu Dhabi Islamic Bank’ by 0.28%.

Aldar led the activity at 97.5 million dirhams, followed by International Holdings at 79.5 million dirhams. Ras Al Khaimah Poultry achieved the largest increase by 13.57%, while the holding capacity was the lowest by 4.55%. Arab, Gulf and foreign investors tended to buy, with a net investment of 26.6 million dirhams, while local investors tended towards selling.

instructions

The Securities and Commodities Authority advised the investor who does not have sufficient experience and information to manage his savings or investments, to seek the help of one of the consulting and financial analysis companies or investment management companies licensed by the Authority.

Disclosures

* The Board of Directors of the National Corporation for Tourism and Hotels will meet on December 15th to review the latest developments in the Marina Intercontinental Hotel project, extend the work period of the supervisory staff, renovate the exterior surface of the Intercontinental Hotel in Abu Dhabi, and review the corporation’s strategic investment in buying the shares of Finance House.

* On December 6, the Board of Directors of the Commercial International Bank will consider approving the estimated budget for 2021.

* The General Assembly of Gulf Cement Company agreed to reduce the capital from 821.09 million dirhams to 410.54 million dirhams by canceling 410.54 million shares equivalent to the amount of losses for the purposes of extinguishing the accumulated losses as at the end of last September.

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