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Two oil corporations occupy two of the top five spots in the Abu Dhabi financial market
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Banks remained in the first three positions on Dubai index in terms of market capitalization
Hadeel Karnib
Non-oil companies and banks headed the list of the top five firms in terms of market capitalization as Abu Dhabi and Dubai markets witnessed mixed results on Sunday, June 6, 2021.
As Etisalat gained 0.7% and Aldar Properties rose 1.9%, the Abu Dhabi Securities Exchange (ADX) closed 0.3% higher on Sunday. Dubai Financial Market (DFM), meanwhile, fell 0.1%.
The DFM’s performance was impacted by an 8.6% slump in Damac Properties and a 1.1% drop in Dubai’s largest lender Emirates NBD Bank. Blue-chip developer Emaar Properties gained 0.3% after reporting a 250% surge in property sales in Dubai in the first five months of 2021.
With a market cap of $51.8 billion, Etisalat led the ADX, followed by the First Abu Dhabi Bank with a market cap of $50.1 billion and International Holdings Company PJSC with a market cap of $47.7 billion.
Two oil corporations occupied two of the top five spots in the Abu Dhabi financial market. Abu Dhabi National Energy Company came in fourth with a market cap of $41.01 billion, while Abu Dhabi National Oil Company or ADNOC finished in fifth place with a market cap of $14.8 billion.
The banking sector occupied the first three positions in the Dubai Financial Market by market cap. Emirates NBD Bank PJSC took first place with $23.4 billion, followed by Emirates Islamic Bank with $11.8 billion and Dubai Islamic Bank with $9.6 billion.
Du (Emirates Integrated Telecommunications Company) was placed fourth with a market cap of $8.3 billion, while Emaar Properties was ranked fifth with a market cap of $7.8 billion.
The performance of the real-estate sector had a negative impact on the Dubai index, which fell 0.7 percent on Sunday.