The local stock markets consolidated their gains for the sixth week in a row, after their market capitalization gained approximately 24.4 billion dirhams, supported by the open appetite of foreign and local investors and institutions for the leading stocks, especially in the banking and real estate sectors.
The Dubai market rose by 0.65% after adding 18 points to close at 2842.4 points, with the rise of banking, investment, insurance and communications shares.
While the Abu Dhabi market increased at the largest pace of weekly gains since the middle of last May, by more than 110 points, equivalent to 1.66%, recording a new record level at 6,716.13 points, supported by the gains of banks and industry shares with the major increases achieved by the sector’s shares, in addition to the rise of the services sector with investors’ optimism about the company’s proposal Holding to unify ADIPEC’s business with Abu Dhabi National Hotels Company, as well as the rise of telecom and energy investment shares.
The weekly liquidity in the two markets amounted to 8.21 billion dirhams, distributed by 1.11 billion in Dubai, and 7.1 billion in Abu Dhabi. The total trading volume reached 1.55 billion shares, of which 669.4 million were in Dubai, and 879.25 million were in Abu Dhabi, with a number of deals for the two markets amounting to 33,236 deals.
The gains in the market value of the shares of the traded companies during the week amounted to 24.4 billion dirhams, of which 2.2 billion in Dubai and 22.2 billion in Abu Dhabi.
Shares of “Emaar Properties” rose 0.5%, “Emaar Development” 1.9% and “Emaar Malls” 1.02%, in contrast, “DAMAC” fell 7.14%, coinciding with the announcement of “Mapple Invest”, owned by businessman Hussein Sajwani, that it had submitted a voluntary conditional offer. To acquire shares in the company’s issued and paid-up capital, “Dubai Islamic” stock rose 3.3%, while “Emirates NBD” declined 0.72%.
“First Abu Dhabi” rose 0.12%, “Aldar Properties” 3.5%, “Etisalat” 1.38%, and the “Abu Dhabi National Hotels” share 17.23%, after receiving an offer from the Abu Dhabi Holding Company to unify business with its subsidiary ADNEC, and the “Abu Dhabi Commercial” share increased » 7.5%, and «Abu Dhabi National Energy – Taqa» 5.9%, coinciding with news that a Chinese government company is seeking to acquire 10% of its shares, and the shares of «Al-Alamiya Holding» 1.5%, «Abu Dhabi Islamic» 1.09% and «Abu Dhabi Commercial» also rose. » 7.5%, while «Dana Gas» decreased 1.1%.
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