Local financial markets continue to decline .. and Abu Dhabi falls for the fifth session

The decline dominates energy stocks with the fall in global oil prices

Investment stocks outperform the downward trend in local stocks, led by Global Holdings

Global Holding jumps around 6% amid anticipation of quarterly business results around the highest level ever

The local stock markets continued their decline at the end of today’s session as the Abu Dhabi market fell for the fifth session in a row and lost the level of 9900 points while the Dubai market recorded a decline for the third session around its lowest closing. over two weeks, below 3600 points, in conjunction with the decline in international oil prices and the decline in international financial markets.

The decline was dominated by local energy supplies, coupled with the fall in global oil prices due to growing concerns about demand expectations with the continuation of closures related to the Corona virus in China, the world’s largest importer of crude oil, while ADNOC Distribution ‘s share violated the decline after the company announced good performance during the first quarter of 2022.

The performance of local equities came amid a momentum of liquidity of more than two billion dirhams, concentrated in 3 equities, namely International Holding, Aldar Properties and First Abu Dhabi.

Abu Dhabi mark

The Abu Dhabi FTSE Securities Market Index continued its decline at the end of today’s session for the fifth consecutive session, by 0.87% at the level of 9870 points, under pressure from the decline of major equities.

The value of trading in the Abu Dhabi market amounted to 1.76 billion dirhams, while the trading volume amounted to 262.033 million shares.

Market performance coincided with the fall of First Abu Dhabi share by 2.02%, and Aldar Properties also fell by 0.35%, while the Etisalat group fell by 5.83%.

The share of International Holding has dampened the downward trend, rising by 5.92% around its highest level ever, pending the announcement of the quarterly business results, which surpassed the rises of the Abu Dhabi market while Abu Dhabi Ports rose 1.17%.

Global Holding shares were at the top of the shares in terms of trading value, with about 372.46 million dirhams, followed by Aldar Properties with a value of 288.45 million dirhams, followed by First Abu Dhabi with a value of 281.09 million dirhams , while Multiplay was at the top of the shares in terms of trading volumes with about 53.8 million shares.

In terms of bank share performance, Abu Dhabi Islamic shares fell by 1.72% and Sharjah Islamic fell by 0.52% while Abu Dhabi Commercial rose by 0.98%.

Energy stock performance fluctuated as ADNOC Drilling fell 0.83%, Dana Gas shares fell 3.42%, and Energy shares fell 1.44%, while ADNOC Distribution shares fell 0.73% increased.

The market value of the Abu Dhabi market at the end of today’s session recorded 1.9343 trillion dirhams, compared to 1.9411 trillion dirhams in the previous session.

Shares of 38 companies declined, while shares of 9 companies rose and shares of 4 companies were stable.

Dubai mark

At the end of today’s session, the Dubai Financial Market Index fell 0.66% to 3597 points for the third consecutive session, in line with the decline of 26 shares.

The value of trading on the Dubai Financial Market during today’s trading amounted to 371.3 million dirhams, with a trading volume of 124.29 million shares, through 7,006 thousand transactions.

The performance of the market coincided with the decline of the banking sector index by 1.38%, the real estate sector fell by 1%, while the investment sector index rose by 0.5%.

The decline was dominated by real estate shares in the Dubai market, where Emaar Properties fell by 0.97%, and Union Properties fell by 2.93%, while Deyaar Development fell by 0.21% and Emaar Development by 1, 38%.

The performance of the banking sector declined, with Dubai Islamic down 0.31%, while Emirates NBD down 3.06% and Dubai Commercial down 0.2%.

The Dubai market share fell by 0.78%, while Dewa fell by 0.36%, while Dubai Investments rose by 1.24% and Salama by 0.74%.

Emaar shares were at the top of the shares in terms of trading value by 96.28 million dirhams, followed by Dewa shares about 60.08 million shares, while Dewa shares outperformed the shares in terms of trading volumes by 21.77 million shares.

During today’s trading, 8 stocks rose, 26 stocks fell, while one stock stabilized.

global developments

Aaron Leslie John, analyst at Century Financial, in turn said that the FTSE Abu Dhabi and Dubai Financial Market indices fell today at the end of trading, under pressure from the decline in property and banks, as well as telecommunications, which testifies has. poor performance.

John pointed to the sharp drop in global oil prices and affecting the performance of financial markets, pointing out that the closures due to the Corona virus in China, the largest oil importer, the increase in the strength of the dollar and the increasing recession led to increased concerns about the outlook for global demand, being one of the largest oil exporters, A significant drop in oil prices could create a bearish sentiment for investors.

He continued, “However, the UAE economy is expected to perform well due to its recovery in non-oil GDP, the return of domestic demand, and high levels of investment in line with national vision strategies. “

Mohamed Shaheen, CEO of Seven Capitals, attributed the decline in stock markets since the beginning of this month to monetary tightening operations by major central banks and slowing economic growth.

Shaheen also pointed to the second-day drop in oil prices, influenced by a combination of the rise in the dollar and growing fears of a recession, and closures due to “Covid-19” in China.

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