Corporate purchases are rising in the Dubai market at the largest weekly pace in a month

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(MENAFN Source: Al-Bayan

  • Abu Dhabi – Rami Samih

Date: May 08, 2021, local stocks strengthened their gains in last week’s trading, after its market capital gained nearly 22 billion dirhams, supported by corporate purchases amid a state of optimism among dealers, with companies and banks announcing quarterly profits that exceeded expectations in an indication of the receding of the Covid repercussions. 19. The Dubai market rose 2.25% to 2,663.93 points, amid a collective rise in sectoral indices led by real estate and banks, while the Abu Dhabi market increased by 1.74% at 6152 points, with the rise in banking, real estate, investment, communications, energy and commodities shares. The shares attracted liquidity of about 6.55 billion dirhams, distributed by 5.9 billion in Abu Dhabi and 673.2 million in Dubai, and 1.48 billion shares were traded, including 942.9 million shares in Abu Dhabi and 537.17 million shares in Dubai, through the implementation of 19.8 thousand deals and attracted shares. First Abu Dhabi, Global Holding and Al Dar are about 67%, or the equivalent of 4.4 billion dirhams, of total liquidity. Raed Diab, Vice President of Research and Investment Strategies at KAMCO Invest, said the UAE markets rose last week with the continued good performance of the leading stocks and the rise of global markets, especially the US, in addition to maintaining oil prices at good closing levels compared to what they were last year. He added to ‘the economic statement, that there is optimism in the local financial markets about the coming period with the support of the strength of the national economy and expectations for the return of business and tourists to the UAE later this year, with optimism for an additional improvement in the conditions of companies in the non-oil private sector with the growth of new activities and their arrival to The highest level since July 2019. Raed Diab continued: “There are also expectations of an improvement in business expectations in light of the continuing pace of recovery from the Covid-19 crisis and expectations for the success of the Expo 2020, which will be held later this year, in addition to the increase in the proportions of those who are vaccinated and the improvement in the financial results of companies. Listed for the first quarter of the current year, which began to appear, keeping oil prices at good levels, which will have a positive impact on local and international investors in the coming period. Dubai market The rise of the Dubai market boosted the rise of the banking sector 0.5% with Dubai Islamic rising 0.9%, while Emirates NBD stabilized, the real estate sector increased 4.52%, with Emaar Properties rising by 4.8%, Emaar Development 6.9%, Emaar Malls 4.9% and Al Ittihad. Real Estate 2.65%, Dyar 1.5% and Damac 2.5%. The investment sector grew by 3.85%, after Dubai Investments rose 4.5% and Dubai Financial Market 2.8%, and the transport sector rose 2.32%, driven by gains from Air Arabia 0.78% and Aramex 3.8%, while Gulf Navigation decreased by 4.5%. Emaar Properties issued the activity, attracting 147.1 million dirhams, followed by Emaar Malls at 76 million dirhams, then Dubai Islamic at 64.2 million dirhams, and Emirates Refreshments achieved the largest increase by 45.7%, followed by an IPO of 24.87%, then Oman Insurance 14.8%, while Gulf Navigation decreased 4.5%, followed by Shuaa Capital by 2.87%, then DXB with 2.5%. Gulf and foreign investors deliberately bought, with a net investment of 178.7 million dirhams, of which 28.2 million dirhams for the Gulf and 150.47 million dirhams for foreigners, while Arab investors and citizens tended towards liquidation with a net investment of 178.7 million dirhams, distributed by 14.65 million dirhams for Arabs and 164 million dirhams for citizens. Abu Dhabi Market The rise of the capital market boosted the rise of the banking sector by 1.7%, with the growth of ‘First Abu Dhabi’ by 2.11% and ‘Abu Dhabi Islamic’ 4.14%, while ‘Abu Dhabi Commercial’ decreased by 0.48%, the real estate sector rose 1.55% with the growth of ‘Aldar’ by 1.42% and ‘Ras Al Khaimah Real Estate 3.91%. The investment sector rose by 3.62% on the rise of ‘International Holding Company’ by 3.64%, ‘Ishraq 1.6% and’ Waha Capital by 4.31%, and the telecommunications sector increased by 1.32% with the rise of ‘Etisalat by the same rate, while the energy sector grew by 1.25%, driven by the rise of’ TAQA ‘by 0.74% ADNOC Distribution decreased by 4.64%, while Dana Gas decreased by 6.29%. First Abu Dhabi led the activity attracting 1.5 billion dirhams, followed by International Holding 1.5 billion dirhams, then Aldar Real Estate 1.37 billion dirhams, and Ras Al Khaimah Poultry achieved the largest increase by 14.94%, followed by Ras Al Khaimah White Cement 11.1%, then Sharjah Cement 8.57%, while Baldco was the lowest by 15.38%, followed by Zay Stores 10%, then United Arab 10%. Arab investors and citizens tended to buy with a net investment of 82.5 million dirhams, of which 2.1 million dirhams for Arabs and 80.4 million dirhams for citizens, while Gulf and foreign investors tended to liquidate with a net investment of 82.5 million dirhams, distributed by 7.8 million dirhams for the Gulf and 74.7 million dirhams for foreigners. Institutions Institutions deliberated to buy with a net investment of 107 million dirhams, of which 59.58 million dirhams in the Dubai market and 47.4 million dirhams in the Abu Dhabi market, while individual investors moved towards liquidation with a net investment of 107 million dirhams, distributed by 59.58 million dirhams in Dubai and 47.4 million dirhams in Abu Dhabi.MENAFN07052021000110011019ID1102047016





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