The local financial markets declined at the end of today’s session, the first session of the week, which caused the Dubai market to decline at the highest rate of decline in 3 weeks, with the Abu Dhabi market close to the level of 9400 points has fallen, under pressure from the decline of major stocks.
The performance of local financial markets coincided with the decline of the majority of global financial markets, in the face of fears of a rise in interest rates more than expected with a jump in inflation rates.
And the behavior of foreigners in the local financial markets differed as they seized an opportunity to buy in the Abu Dhabi market, in exchange for their tendency to liquidate in the Dubai Financial Market.
Deputy Head of Research and Investment Strategies at Kamco Invest, Raed Diab, said the UAE markets had fallen significantly in the first sessions of the week, with the decline in global markets and in the face of fears that the US Federal Reserve’s move more serious will be at its next meeting on Wednesday, in light of recent inflation rates, which have reached their highest level in 40 years.
Diab indicated that concerns appear to be somewhat high in light of the uncertainty surrounding the central bank’s repercussions of monetary tightening, recent inflation data, the ongoing military conflict in Eastern Europe, and the impact of supply chains on the outlook for global economic growth .
Diab said it is unlikely there will be strong purchases in the UAE markets in the coming period as trade may tend to wait, caution and more volatility until the emergence of new data encouraging climate change this year. At the same time, and despite the decline, the UAE markets are still in the positive region in terms of performance since the beginning of the year so far compared to the major global markets, with expectations that the countries of the Gulf region will see growth . in 2022 in light of the rise in oil prices while it was It is striking that the good performance and profits recorded for the listed companies in 2021 and the first quarter of this year.
Abu Dhabi mark
The Abu Dhabi market index continued its decline for the ninth consecutive session, falling to 1.78% at the end of today’s trading session at the level of 9407 points, under pressure from the decline of major stocks and the decline of the most global markets.
The value of trading in the Abu Dhabi market was 1.45 billion dirhams, while the trading volume was 228.62 million shares.
The performance of the market came with the decrease of the First Abu Dhabi share by 2.54% and the Multiplay group decreased by 0.52% while the words of my words decreased by 2.9% and the Etisalate group with 2.33%.
International Holding countered the market’s downward trend and recorded an increase of 0.18%, while Abu Dhabi Plastics Plastics Ltd., Borouge, decreased by 2.22%.
Eshraq share decreased by 5.73%, while ADNOC Distribution decreased by 0.24%, while ADNOC Drilling increased by 0.3%, Taqa decreased by 3.08%, Dana Gas by 2.75% and Aldar Properties with 4.76%.
Global Holding shares were at the top of the shares in terms of trading value with a value of 331.77 million dirhams, followed by First Abu Dhabi with a value of 270.34 million dirhams, then Borouge with a value of 128.91m dirham, while Multiplay put the shares at the top of the shares in terms of trading volumes with about 50.67 million shares.
Abu Dhabi National Building Materials led to the Abu Dhabi market increases of 9.44%, while Emirates Insurance issued market declines of 9.4%.
In terms of bank shares, Abu Dhabi Islamic fell by 1.09% while Abu Dhabi Commercial fell by 1.64%.
Foreigners tended to buy in the Abu Dhabi market, with a net of 101.68 million dirhams, while Arabs and Gulf Arabs tended to sell with a net of 430.27 thousand and 3.53 million dirhams, respectively , and local investors tended to sell at a net of 101.6. million dirhams.
At the end of today’s session, the market value of the Abu Dhabi market recorded about 1.9802 trillion dirhams, compared to a value of about 2.015 trillion dirhams.
The Dubai Financial Market Index fell 2.64% at the end of today’s session, the highest rate of decline in 3 weeks, at the level of 3287 points, with 24 stocks falling.
The value of trading on the Dubai Financial Market during today’s trading amounted to 341.37 million dirhams, with a trading volume of 134.57 million shares, through 6.44 thousand transactions.
The performance of the market coincided with the fall of the banking sector index by 2.52%, while the real estate sector fell by 4.4%, and the investment sector index by 3.8%.
In terms of real estate shares in the Dubai market, Emaar Properties fell by 4.87%, while Union Properties fell by 3.81% and Emaar Development by 3.14%.
The performance of the banking sector coincided with the decline of Dubai Islamic by 2.71%, while Emirates NBD decreased by 2.95%.
The performance of the market coincided with the decline of the Dubai market share by 6.09%, while the Dewa share decreased by 0.76%.
The Emirates Refreshments share outperformed the rising shares in the Dubai market by about 14.77%, while Al Salam Sudan share led the declines by 7.14%.
Emaar shares were at the top of the shares in terms of trading value by 77.46 million dirhams, followed by Emirates NBD share with 54.18 million shares, and the Dubai stock market held the shares in terms of trading volumes with 22.56 million shares.
During today’s trading, 4 stocks rose, 24 stocks fell and one stock settled.
Foreigners tended to sell in Dubai with a net of 36.11 million dirhams, and Arabs tended to sell with a net of 2.22 million dirhams, while local investors bought with a net of 11.9 million dirhams, and the Gulf Arabs tended to buy with a net of 26.4 million dirhams.