UAE – Profit taking falls in stock markets

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Source: (MENAFN – Al-Bayan)

  • Dubai – Amr Adel

Date: 05 February 2021 Local stocks closed at the end of last week’s trading, declining for the second consecutive session, under pressure from due profit-taking operations targeting some of the leading stocks in the real estate and banking sectors after the strong rises they witnessed in the last period.

The Dubai market fell 1.53% below the level of 2,700 points to 2,670.8 points, under pressure from the decline in real estate, banking, investment and financial services stocks, while the Abu Dhabi market fell 0.19%, to 5664.1 points, driven by the decline in banking and energy stocks.

The shares attracted liquidity by about 753.3 million dirhams, of which 264.3 million in Dubai and 489 million in Abu Dhabi. And 278.1 million shares were traded, distributed by 167.3 million in Dubai and 110.8 million in Abu Dhabi, through 5649 transactions.

Dubai market

And pressure on the Dubai market, the real estate sector fell 2.4%, with ‘Emaar Properties dropping 2.5%,’ Emaar Development ‘4.3%,’ Emaar Malls’ 2.2%, ‘Union Properties 1.8%,’ Damac 1.47%, and ‘Dyar’ 0.7%. .

The banking sector decreased 0.7%, with Emirates NBD falling 0.85% and Dubai Islamic 0.6%.

The investment sector declined 4.15%, with pressure from Dubai Investments 4.8%, Dubai Financial Market 2.5%, and Shuaa Capital 1.4%.

The transport sector fell 1.7% after Air Arabia declined by 4.7% and Gulf Navigation by 2.1%, while Aramex rose by 0.45%, with the support of the company signing a final agreement to exit all of its shares in InfoFort in favor of the American Iron Mountain company.

Emaar Properties dominated the activity, attracting 47.8 million dirhams, followed by Dubai Investments, 45.7 million dirhams, and then the Dubai Financial Market, 45.2 million dirhams. Emirates Refreshments achieved the largest increase, by 14.97%, while Dubai Investments was the lowest.

Abu Dhabi Market

The Abu Dhabi market was affected by a 0.4% decline in the banking sector, with a decline in First Abu Dhabi 0.27%, Abu Dhabi Islamic 2%, and Abu Dhabi Commercial 1.65%.

The energy sector fell 0.45%, driven by a 0.52% drop in ADNOC Distribution and 0.56% Dana Gas.

On the other hand, the real estate sector increased 0.58%, with Aldar rising 0.79%, while Ras Al Khaimah Real Estate fell 3.25%, and the telecommunications sector rose 0.1%, driven by an increase in Etisalat shares.

First Abu Dhabi led the activity with a value of 143 million dirhams, then Aldar 130.7 million dirhams, followed by Global Holding 81.2 million dirhams, and Ras Al Khaimah Mills achieved the largest increase, by 15%, while Wataniya Takaful was the lowest by 4.9%.

Disclosures

– First Abu Dhabi Bank has set February 28 as the date for holding its General Assembly meeting to discuss the financial statements for the year 2020, a proposal to distribute profits of 74% of the capital, and appoint a new board member to replace the resigned member.

Drake & Scull International will hold a meeting of its board of directors next Monday to review the unaudited initial financial results for the fiscal year 2020, and follow up on the latest developments in the restructuring process and invite creditors.

– Al Ramz Corporation for Investment and Development purchased 216688 of its shares on February 3, and the purchase price was 0.55 dirhams per share in every transaction, and the purchase was made through its broker, Al Ramz Capital.

– Dubai Insurance Company will hold its General Assembly meeting on February 28, to discuss the financial statements for the year 2020, a proposal to distribute cash dividends at 35%, and elect members of the Board of Directors.

– The Board of Directors of Air Arabia will discuss in its meeting next Wednesday; Final financial statements for the year ended December 31, 2020.

Orient Insurance recorded a net profit of 430.42 million dirhams in 2020, compared to 425.1 million dirhams in 2019, an increase of 1.2%.

Al Mazaya Holding Company has set February 22 as the date for the general assembly meeting, to discuss the financial statements for the year 2020, and to extinguish all accumulated losses by reducing part of the compulsory reserve.

Al Madina Finance and Investment Company announced the opening of candidacy for a vacant member of the Board of Directors during the period from 7 to 21 of February.

Arabtec Holding Company announced the resignation of Wael Farsakh from his position as CEO of the company.

Al-Firdaws Holding Company has decided next Thursday to hold a Board of Directors meeting, to approve the preliminary financial statements for the quarter ending on December 31, 2020.

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