UAE stocks incurred total market losses in the Dubai and Abu Dhabi markets, about 43.69 billion dirhams, amid liquidity exceeding 2.4 billion dirhams.
Abu Dhabi market
By the end of today’s session, the Abu Dhabi Securities Index declined by 1.82% at the level of 8299 points.
The value of trading in the Abu Dhabi market amounted to 1.67 billion dirhams, while the trading volume amounted to 318.152 million shares.
The performance of the index came in conjunction with the decline of the First Abu Dhabi share by 1.36% at a price of 18.9 dirhams, and the Aldar Properties share fell by 2.44% at the price of 4 dirhams, and the Etisalat Group share declined by 3.3%, and the Alpha Abu Dhabi share fell by 1.61%.
On the other hand, the share of International Holding bucked the bearish trend of the shares, rising by 0.66% at a price of 152 dirhams per share.
First Abu Dhabi topped the shares in terms of trading value with 333.744 million dirhams, followed by Global Holding with a value of 299.361 million dirhams, while Aldar Properties topped the shares in terms of trading volumes, executing a trading volume of 70,007 million shares.
Al Buhaira National Insurance topped the rising shares in the Abu Dhabi market, to rise today by 5.88%, followed by Bildco by 3.41%, and in return, National Tourism topped the falling shares in the market by 10%.
And the market value of the Abu Dhabi market recorded about 1.5464 trillion dirhams, compared to a value of 1.5743 trillion dirhams in the last session, to lose about 27.9 billion dirhams.
Dubai Financial Market
The general index of the Dubai Financial Market decreased by 5.16% at the level of 3,006 points.
The Dubai Financial Market share fell by 9.65% at a price of 2.34 dirhams per share, while the share of Emaar Properties fell by 9.36% at a price of 4.45 dirhams per share.
The Dubai Islamic share also fell by 3.92% at the level of 5.14 dirhams per share, and the Deyaar Development share decreased by 9.89%.
Union Properties and GFH declined by 9.79% and 10% respectively, as did Shuaa’ by 10%.
The rise in the Dubai Financial Market was limited to DAMAC’s share, with a rise of 0.73%. In contrast, Amlak shares topped the decliners’ shares by 10%, followed by GFH.
Emaar Properties topped the shares in terms of trading value, executing trades with a value of 222.48 million dirhams, followed by the Dubai Financial Market share by 142.22 million dirhams, while Union Properties topped the shares in terms of trading volume with 109.35 million shares.
The value of trading on the Dubai Financial Market during today’s trading amounted to 735.83 million dirhams, with a trading volume of 521.88 million shares, through 8.71 thousand deals.
During today’s trading, one share rose, 31 shares declined, and one share settled.
The market value of the Dubai Financial Market recorded 388.567 billion dirhams, compared to a value of 404.366 billion dirhams in the last session, to lose 15.79 billion dirhams.
For his part, the CEO of Al Ansari Financial Services Company, Iyad Al-Buraqi, said that the effects of the mutator “Omicron” have weighed on local markets today, with losses exceeding 5%, due to concern about the effects of the mutator that are unknown at the present time, and the extent of its spread and resistance to vaccines.
He stated that the local stock markets were affected, like other markets, as part of the world whose markets were affected by fears of the spread of the new strain of the virus and the drop in oil prices.
He continued, “The picture remains unclear about the trends of the world’s markets, pending what research and scientific studies will reveal about the new mutation, the speed of its spread, and the effectiveness of the available vaccines.”
For his part, Raed Diab, Vice President of Investment Research and Strategy at Kamco Invest, said that the UAE markets fell sharply in Sunday’s session in light of the strong declines in global and Gulf markets and oil prices.
Diab stated that the Abu Dhabi index declined by 1.82%, and lost $7.1 billion, equivalent to 26 billion dirhams (-1.7%) of its market value, while the Dubai market index fell by 5.17%, and lost $ 3.7 billion, equivalent to 13.75 billion Dirhams (-3.2%) of its market value.
Diab indicated that fears of the new mutant that was announced discovered in South Africa, which raised concern about its spread, was behind the recent drop, as many countries suspended commercial flights to countries where the virus is prevalent.
He continued, “Oil prices also fell on their worst day in 2021 in light of fears of a decline in demand in the event the major countries return to closing again as a result of the new mutation, and the repercussions that may result from that affecting global economic growth.”
Diab indicated that oil revenues are a key factor for countries in the region, which negatively affected investor sentiment.
Diab noted that despite the many incentives enjoyed by the UAE markets, investors may wait for more clarification on the extent of the spread of the new mutation before returning to market fundamentals and seeing buying momentum again, noting that the UAE was one of the first countries in the world to provide The vaccine is given to a large segment of society, and there are still precautionary measures within the country to prevent the virus from spreading again and to try to control any new mutations.
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