Strong stock penetrations in a week of positive news and hot liquidity

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Abu Dhabi: Muhannad Dagher

Local stocks recorded strong weekly gains, supported by hot liquidity exceeding 5 billion dirhams, and driven by positive news and strong results of some shares in real estate and telecommunications, which prompted foreign investors to intensify their purchases, with a net investment of 773.93 million dirhams as a result of the purchase.

The past week was marked by some stocks achieving historic price breaks, while market indices continued to record new technical levels.

The Dubai market succeeded in penetrating 2,800 points, but quickly retreated at the end of the Thursday session to 2735 points, closing at a weekly increase of 1.24%, while the Abu Dhabi market index closed at a weekly increase of 6.54% to 5611.3 points.

Al-Dar’s share also succeeded in reaching the level of 3.5 dirhams, recording a weekly increase of 9.03%, harvesting liquidity in 5 sessions, at a value of 643.3 million dirhams, after the company approved a framework with the Abu Dhabi government for projects of 40 billion dirhams.

In turn, “Etisalat” in the Abu Dhabi market jumped 11.05% during the week to the level of 19.5 dirhams, knowing that the stock broke the 20 dirham barrier on Wednesday, and “du” in the Dubai market rose in a week by 12.07% to 6.5 dirhams, after the increase in foreign ownership. In both companies, up to 49%.

The price of “International Holding” closed at 45 dirhams, one day after the company announced strong annual profits, and the stock jumped 6.64% on a weekly basis.

In terms of the weekly movements of other stocks, “Dubai Islamic” rose by 1.21%, “Emirates NBD” 1.31%, “Emaar Development” by 0.65%, “Deyaar” 3.36%, “Dubai Financial” 9.57%, and “Dubai Investment” 0.6% and Aramex 1.61%.

The shares of «First Abu Dhabi» rose 6.71%, «Abu Dhabi Commercial» 6.66%, «Abu Dhabi Islamic» 0.2%, «Ras Al Khaimah Real Estate» 9.32%, «TAQA» 2.1% and «ADNOC Distribution» 1.29%.

The shares attracted a weekly liquidity of 5.3 billion dirhams, distributed by 2.12 billion dirhams in the Dubai market, and 3.15 billion dirhams in the Abu Dhabi market, and the traded quantities of shares 2.2 billion shares, including 1.5 billion shares in Dubai and 722.26 million shares in Abu Dhabi. That is through the implementation of 45 thousand transactions.





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