UAE shares gain Dhs13.6bn in two days
Complex Made Simple

UAE shares gain Dhs13.6bn in two days

UAE shares gain Dhs13.6bn in two days

UAE shares added Dhs7.6bn during trading on Monday, as the Dubai Financial Market (DFM) witnessed a strong rise for the second consecutive day, up 1.2%. It has now hit Dhs13.6bn in two days.

    By Abdul Rahman Ismail

    All Gulf stock markets rose except Doha. Muscat rose 0.87%, Kuwait 0.76%, Abu Dhabi 0.62% and Bahrain 0.16%. According to dealers at the DFM, Gulf investors and UAE investment portfolios contributed to the rise at the exchange.

    UAE rises


    Gulf investment deals rose to Dhs163.8m compared to sales of Dhs76.5m according to financial analyst Hamoud Abdullah, head of UAE Brokerage Firm. According to DFM statistics, foreign trading as a whole reached Dhs725.6m out of total trading of Dhs2.3bn, with sales of Dhs710.2m.

    Five shares dominated the interest of traders during the whole session, including Amlak, which rose by 3.8%, trading Dhs626.4m despite the current dispute between Amlak and Kuwait's Al Mazaya regarding the Sky Gardens project at DIFC.

    Emaar shares, which give up its leadership in favour of other smaller shares such as Dubai Investments, Arabtec and Gulf Shipping, rose by 0.86% to reach Dhs11.70, valued at Dhs154m.

    The Abu Dhabi Securities Exchange (ADSE) managed to stay above 5,000 points for third consecutive session, rising by 0.62% to reach a total market value of Dhs2bn.

    Ras Al Khaimah Cement took Dhs828.8m for the second consecutive day, rising by 4.3%. Some brokers said that speculation continued on Ras Al Khaimah Cement's shares, after being directed at Dana Gas and White Cement last week.

    Saudi banks struggle


    In Saudi Arabia, the market rose in the last 30 minutes of trading by 0.14%, after the index came under huge pressure from the banking sector. Saudi French Bank fell 2.1%, Saudi Hollandi Bank by 2%, Riyad Bank by 2.5% and Samba by 0.29%.

    The Petrochemical sector, led by Sabic, rose by 0.35%, which kept the index on slight rise, including those shares related to Sabic such as Kayan and Namaa. Their shares rose 1% and 2.4% respectively.

    For third day running Emaar Economic City rose strongly. Hitting 9.8%, it topped all leading shares, trading 28.8 million of the 179.3 million shares traded in the market. It represented SR679.4m of the total SR6.5bn shares traded.

    Analysts attributed the fluctuation during the Saudi trading session to liquidity operations undertaken by investment portfolios to get cash for Inmaa Bank, which will start trading on the market on Tuesday. The bank is expected to be the subject of much investor speculation.

    The decline of Electricity by 1.9% also impacted the index. The telecom sector experienced mixed results, as Mobily rose by 1.8% and Zain by 1%, while Saudi Telecom Company shares declined by 0.39%.

    Good rises in Kuwait


    The Kuwait Stock Exchange absorbed the political atmosphere in the country, following yesterday's political crisis. It posted a record rise of 0.76%, led by the banking and service sectors as trading value jumped to KD210.6m or 487.4 million shares. This included 168 million shares traded among five leading companies, making up 34.4% of the day's trading. This included Mayadeen, Bayan, Investors, Al Khaleeji and Mazaya.

    Khurafi Group shares enjoyed a record rise for the second consecutive day, while Zain rose 6%, National Industries 6% and Bayan 2%.

    Banks regained some of their losses of the last two weeks, as NBK rose 4.3%, Commercial 1.3%, Burgan 2% and Kuwait Finance House by 2.8%.

    Muscat jumps thanks to share sales


    The sale of 17.3 million shares of Muscat Financing led the index in Oman to rise 0.87% as the company alone accounted for 47% of the total shares. The index saw 46.5 million traded, valued at OR27m. Muscat Financing's shares rose by 7.1%.

    The sales of the shares was conducted by Omanvest, valued at OR6.9m. It generated OR5.8m profits for the company and as a result its shares rose 9%, topping all shares.

    Bahrain up, Qatar down


    In Bahrain, the 1.2 million shares traded in Al Saif Real Estate saw the company's stock rise 1% in value. It pushed the Bahrain market index up 0.16%, valuing it as BD2.3m for 5.1 million shares.

    The Doha stock market closed below 12,000 points, despite yesterday's rise of 1.4%, which saw it register record trading for the current year. It valued the market at QR2bn or 40.5 million shares.

    Dealers on the Doha market said that speculation was mainly among Gulf International shares, which topped the most active shares list in terms of quantity, trading 18.5 million shares rising by 7.8%.

    Other active shares included Al Rayan, International, Khaliji and Ijara.
    The index declined after pressure on Qtel, which declined 1.1%, as did Naqilat (by 0.93%), Barwa (down 1.1%) and Aamal which fell 4.1%.
    Author
    AMEinfo Staff

    AMEinfo staff members report business news and views from across the Middle East and North Africa region, and analyse global events impacting the region today.

    © 2021, ADigitalcom. All rights reserved