Global pressure and the fall in oil prices bring down the UAE’s financial markets

Emirates tend to buy in local financial markets … and foreigners prefer to sell

The UAE financial markets fell in the second session of the week, and Dubai dropped the level of 3,400 points

4 large shares violate the bearish trend of the local financial markets, led by Emaar Properties

The UAE’s financial markets fell at the end of today’s session, the second session of June, in conjunction with the continuation of global pressure and the fall in oil prices following the sharp rise in recent days, amid anticipation of the decisions of OPEC, which causes the Dubai market to lose the level of 3400 points, as well as Abu Dhabi which falls below 9900 points.

The decline dominated the leading equities in the local capital markets, while Emaar Properties, Emirates NBD, Etisalat and ADNOC Distribution dampened the trend.

Abu Dhabi mark

The Abu Dhabi market index continued its decline for the second session, dropping 0.46% to 9826 points at the end of today’s trading session, amid declining major stocks.

The value of trading in the Abu Dhabi market amounted to 1.37 billion dirhams, while the trading volume amounted to 194.57 million shares.

The performance of the market came with the decline of the First Abu Dhabi share by 1.26%, and the fall of Affabbi by 1.09%, while the global stock fell by 0.07%.

The share of Etisalat Group increased by 0.34%, while ADNOC Distribution increased by 0.24%, and the Multiplay Group decreased by 0.53%, and Vertglobe decreased by 1.52%, and Ishraq by 1.9%.

Global Holding shares were at the top of the shares in terms of trading value, with about 357.167 million dirhams, followed by First Abu Dhabi with a value of 244.85 million dirhams, then ADNOC Distribution with a value of 78.79 million dirhams, while Multiplay the shares on top of the shares in terms of trading volumes by about 37.9 million shares.

IDC led the gains of the Abu Dhabi market by 14.88%, while the charter of the declining shares led by 5%.

In terms of energy stock performance, TAQA rose 1.55%, and ADNOC Drilling fell 0.31%.

In terms of bank shares, Abu Dhabi Islamic fell by 1.57% while Abu Dhabi Commercial fell by 1.91%.

And foreigners tended to sell in the Abu Dhabi market for a net of 50.08 million dirhams, and the Gulf people tended to sell with a net of 10.47 million dirhams, and in return the Arabs bought a net of 794.6 thousand dirhams, and the Emiratis also tended to buy a net of 59.76 million dirhams.

At the end of today’s session, the market value of the Abu Dhabi market recorded approximately 1.9398 trillion dirhams, compared to a value of approximately 1.9435 trillion dirhams.

Dubai mark

The Dubai Financial Market Index fell 0.33% to 3396 points at the end of today’s session, under pressure from a 17-share drop, after rising over the past five sessions.

The value of trading on the Dubai Financial Market during today’s trading amounted to 383.27 million dirhams, with a trading volume of 128.49 million shares, through 5.92 thousand transactions.

The market performance came in line with the banking sector index which fell by 0.25% while the real estate sector rose by 0.35% and the investment sector index fell by 0.51%.

In terms of real estate shares in the Dubai market, Emaar Properties rose by 0.34%, while Deyaar Development fell by 0.72%, Emaar Development by 1.12% and Union Properties by 0.73%.

The performance of the banking sector coincided with the decline of Dubai Islamic by 1.31%, while Emirates NBD rose by 0.73%.

Market performance coincided with the fall of the Dubai market share by 0.92%, and Dubai Investments by 0.44%, and the Dewa fell by 1.55%.

Al-Firdaws ‘share was on top of the rising shares in the Dubai market with 14.94%, while the National Insurance Company’s share led the declines’ shares by 9.79%.

Dewa shares were at the top of the shares in terms of trading value with 111.64 million dirhams, followed by Emaar Properties with 86.05 million shares, and Dewa shares were at the top of the shares in terms of trading volumes with 43.8 million shares.

During today’s trading, 10 stocks rose, 17 stocks fell and two stocks stabilized.

And foreigners tended to sell in Dubai with a net of 29.31 million dirhams, while the Gulf people tended to buy a net of 10.6 million dirhams, just as the Emirates bought with a net of 33 , 76 million dirhams, while the Arabs have a net of sales of 15.07 million dirhams.

global pressure

Deputy Head of Research and Investment Strategies at KAMCO Invest Raed Diab said the UAE markets had lost some of their profits with the fall in oil prices, concerns about the prospects for global economic growth and the continuation of the military conflict between Russia and Ukraine.

Diab indicated that Borouge’s expected supply supports the general atmosphere in Abu Dhabi, but it appears that the markets need other incentives.

The analyst stressed that concerns about high inflation rates and the tightening of monetary policy persist, adding that despite the fall in oil prices, it is still at good levels and its revenue will help the general economy of the state.

On the other hand, the Abu Dhabi market has continued to lead the list of Gulf markets from the beginning of the year to the end of May 2022, with a growth rate of 18.5%, given the strong quotes the market has seen and the rise in oil prices, while the Dubai market grew at a slower pace at 4.7 per cent in the same period, and these rates are stronger than many global markets.

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