By: Mahmoud Gamal
Dubai – Mubasher: Ten listed companies on the Dubai Financial Market (DFM) have shed a combined loss of AED 6 billion in Tuesday’s trading session, according to recent statistics by Mubasher.
This came as a result of selling pressures on stocks, in line with the global stock markets' recent historic plunge.
The UAE bourses have been notably impacted by the global stocks which suffered the worst losses lately, senior financial analyst at Menacorp Financial Services Issam Kassabieh said.
Investors are concerned over the accelerating inflation rate and bond yields in the US, Kassabieh noted.
The positive forecasts for major UAE firms’ annual financial results and subsequent dividend distributions, as well as anticipation of global stocks trimming losses, may push local markets to rebound and resume the bull run once more, he projected.
Emirates Telecommunications Group (Etisalat), down 1.4% to AED 17.25, has topped declining blue chips on Tuesday, losing AED 2.2 billion of its market capitalisation.
Emaar Properties, which fell 1.5% to AED 6.4, ranked second after its market cap shed AED 710 million to reach AED 45.82 billion, while Abu Dhabi Commercial Bank (ADCB), down 1.8% to AED 7.1 on Tuesday, ranked third with its market cap losing AED 680 million to reach AED 36.9 billion.
Meanwhile, Aldar Properties, down 3.1% to AED 2.2, ranked fourth after its market cap declined by AED 550 million to AED 17.29 billion. Similarly, First Abu Dhabi Bank (FAB), dipped 0.4% to AED 11.2, saw its market cap lose AED 538 million to AED 122 billion, followed by DAMAC Properties, down 2.4% to AED 3.24, with market cap falling to AED 19.6 billion and losing AED 480 million.
Furthermore, Dubai Islamic Bank, which fell 1.3% to AED 6.21, ranked seventh, shedding AED 400 million to close at a market cap of AED 30.29 billion, followed by Dubai Investment, which sagged 3% to AED 2.37, after losing AED 330 million of its market cap.
Moreover, DXB Entertainment, tumbled 3% to AED 0.61, came in ninth with AED 140 million in market cap losses, followed by the DFM Company which lost AED 20 million of its market cap by the end of Tuesday’s trading session, closing 0.9% down to AED 1.11.
Total market cap of firms listed on the DFM and the Abu Dhabi Securities Market (ADX) shed a combined value of AED 9.5 billion yesterday, according to statistics.
The DFM finished Tuesday’s trading session down 1.53%, touching the lowest level since November 2017 at 3,326.7 points, while the ADX slid 0.9%, or 41.09 points, its lowest level in a month and a half, closing at 4,540.85 points.
Translated by: Mai Ezz El-Din
