Saturday , June 25 2022

Stock markets decline as liquidity slows



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The domestic stock markets fell at the end of yesterday's session amid a noticeable fall in liquidity levels due to the prudent situation, the expectation of global market downturns, uncertainty about the continuation of global interest rates and the wait for the medium-term results.

The Dubai index fell 0.62% or 17.99 points after gains for three consecutive sessions, but remained above 2900 to close at 2900.39 points as real estate, transportation, banks and investment declined, while Abu Dhabi's index lost about 87.68 points, or 1.65% The pace dropped from last June to 5230.22 points, squeezed by the decline in shares of telecommunications, banks, energy and real estate.

liquidity

Liquidity decreased to AED 352.83 million from AED 585.1 million in the previous session, of which 168.29 million are in Dubai and 184.54 million are in Abu Dhabi. 184.61 million shares were traded, 115.48 million shares were traded in Dubai and 69.13 million in Abu Dhabi to 4417 deals.

Dubai Market

The real estate sector declined 1.4%, with Damac down 2.45%, Emaar Properties down 1.89%, a day after the company posted a quarterly decline in profits, Emaar down 1.45%, Union Properties down 1.37% and Emaar (0.62 %) and Arabtec Holding (0.57%).

The banking sector is down 0.27%, Emirates NBD is down 0.4% and Dubai Dubai is down 0.19%. The transport sector fell 0.29%, while Aramex fell 1.6%. The investment sector decreased by 0.22%, with the Dubai financial market declining by 0.95%, Al Madina Investment 4.8%, insurance 0.14%, Takaful Emarat 0.7% and Salama 0.43%.

Emaar was the most traded stock, jumping from 37.44 million dirhams to 5.45 dirhams, followed by Dubai Islam with liquidity of 24.56 million dirhams to 5.31 dirhams. The Khaleeji Commercial Bank had the highest gain of 3.3%, closing at AED 0.599, while Al-Madina Finance was down 4.8% at AED 0.219.

Market in Abu Dhabi

The Abu Dhabi market fell for the third consecutive session, led by a 3% decline in the telecommunications sector, with Etisalat losing ground. The banking sector fell 1.44%, with Abu Dhabi First falling 1.8%, Abu Dhabi Commercial Bank 1.67% and Sharjah Bank 2.52%.

The energy sector fell 1.06%, TAQA fell 5% after the EMN meeting to isolate some board members, and Dana Gaz 0.96% against the company's intention to sell its assets in Egypt. The industrial sector fell 2.68%, while Gulfar fell 9.5%.

The real estate sector declined 0.11%, while Al Qudra Holding fell 9.4%, RAK Properties lost 1.67% and Mnazal gained 0.24%.

Abu Dhabi First dominates liquidity trading at AED 36.04 million to close at AED 15.6, followed by Aldar Properties with liquidity of AED 20.02 million to close at 2.31 dirham, followed by shares of Abu Dhabi Islam worth 18.68 million dirhams and closed at AED 5.

Tijari International had the best profit, rising 6.41% to AED 6.41, and Takaful was the top 10% lost to AED 2.7.

Disclosure

Dubai Refreshments' profit rose to AED 30.9 million by the end of the first half of 2019, an increase of 181% compared to a profit of 11 million in the corresponding period of 2018.

The Board of Directors of Drake & All International has agreed to appoint Abdullah Al Atratra as Chairman of the Nomination and Remuneration Committee.

The board of directors of Gulf General Investment Company (GCC) will meet on Wednesday to discuss unauthorized consolidated financial statements for the period ended June 30.

The Khaleeji Commercial Bank (KHCB), listed on the Dubai and Bahrain exchanges, reported a profit of 1 677 000 BD at the end of the first half of 2019, compared to a profit of 1.36 million BD at the end of the same period last year.

Codification Investment & Development Co. announced a net profit of AED 12.6 million at the end of the second quarter of this year, compared to a profit of AED 12.2 million at the end of the corresponding period in 2018.

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