Local shares fell at the close of yesterday’s session, after they were exposed to partial profit-taking operations after large gains that raised their indices to record levels, at a time when the “Emaar Development” stock violated the general trend, rising to its highest level since February 2020.
The Dubai market decreased by 0.53%, equivalent to 15.1 points, to close at 2824.04 points, due to the pressure of the decline in banking, real estate, investment and transportation shares, while the Abu Dhabi market fell 0.3%, equivalent to 20.11 points, to close at 6,606.13 points, with the decline in banking, real estate, communications and energy shares.
The shares attracted liquidity of about 1.44 billion dirhams, distributed as 1.29 billion in the Abu Dhabi market and 153.2 million in the Dubai market, and 288.5 million shares were traded, including 141.6 million in the Abu Dhabi market and 146.9 million in the Dubai market, through 6182 transactions.
Pressure on the Dubai market was the decline of the banking sector by 0.83%, with the decline of «Emirates NBD» 1.43% and «Dubai Islamic» 0.2%, and the real estate sector fell 0.25%, led by the decline of «DAMAC» 3.45% and «Deyaar» 0.66%, while «Union Properties» settled “Emaar Malls” and “Emaar Properties”, and “Emaar Development” rose 1.64%, reaching its highest level since February 2020.
The investment sector fell 0.88% after the “Dubai Financial Market” fell 1.75%, “Shuaa” 0.8% and “Dubai Investments” 0.6%, and the transportation sector declined 0.38%, following the decline of “Aramex” 0.73%, while “Air Arabia” stabilized and rose “ Gulf Navigation» 0.63%.
“Emaar Properties” topped the activity, attracting 28.6 million dirhams, followed by “Emaar Malls” 21.7 million dirhams, and then “Emirates NBD” 17.3 million dirhams. Only 5 shares, issued by “National Insurance”, rose by 1.67%, while “Takaful Emirates” was the lowest by 8.39%. Arab and Gulf investors bought with a net investment of 9.2 million dirhams, while foreign investors and citizens tended to monetize.
Abu Dhabi market
The capital market was affected by a 0.32% decrease in the banking sector, with “First Abu Dhabi” dropping 0.35% and “Abu Dhabi Islamic” 1.57%, while “Abu Dhabi Commercial” rose 0.29%, and the telecommunications sector decreased by 0.82%, with the “Etisalat” share declining by the same percentage, and the “Abu Dhabi Commercial” sector fell by 0.29%. Energy 0.16% after “ADNOC Distribution” declined by 0.23% and “TAQA” 1.46% in front of “Dana Gas” rose 0.62%.
The real estate sector decreased by 0.28% due to the decline of “Al Dar” by 0.27% and “Ras Al Khaimah Real Estate” by 0.36%. While the investment sector rose 0.36%, with “Al Aliya Holding” rising 0.47%, while “Eshraq” decreased 0.61% and “Waha Capital” 1.47%.
“International Holding” dominated the activity, attracting 672 million dirhams, followed by “First Abu Dhabi” 261.4 million dirhams, then “Al-Dar” 160.8 million dirhams. “Ras Al Khaimah Insurance” achieved the largest increase by 14.38%, while “Fujairah Cement” was the lowest, by 9.98%. Foreign and Arab investors tended to buy with a net investment of 83.9 million dirhams, while Gulf investors and citizens tended to sell.
The performance of institutions varied as they tended to buy in Abu Dhabi with a net investment of 2.27 million dirhams, and towards monetization in Dubai with a net investment of 6.96 million dirhams, while individual investors tended to buy in Dubai with a net investment of 6.96 million dirhams, and towards monetization in Abu Dhabi with a net investment of 2.27 million dirhams.
On the other hand, the Dubai Financial Market announced that trading on DXB Entertainments shares will be suspended as of Sunday, June 6, 2021. The market stated in a statement yesterday that this action came as a result of the mandatory acquisition of the company’s shares.
And DXB announced, in a previous statement, the end of the notification period for the mandatory acquisition of the company’s shares, yesterday, Thursday.
On April 4, the company received a notification from Meraas, regarding the mandatory acquisition of all shares in DXPE that are not owned by Meraas or Meraas Holding Company.
It is expected that all remaining shares of the company (not owned by Meraas or Meraas Holding Company) will be re-registered in the name of Meraas in the DXBE share registry.
Meraas will pay any cash consideration owed to DXPE shareholders, through the relevant payment mechanism registered with the Dubai Depository Center on the Dubai Financial Market by the same shareholders.
For its part, United Food Company announced the appointment of Adil Akbar Siddiqi as the company’s chief financial officer, effective June 3, 2021.
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