By: Mahmoud Gamal
Dubai – Mubasher: The UAE stock markets could recover and resume the upward trend if listed companies unveil their exposure to The Abraaj Group’s recent crisis.
By the end of Monday’s trading session, the Dubai Financial Market (DFM)’s general index fell 2.09% to 2,867.85 points, while Abu Dhabi Securities Exchange (ADX) slipped 0.29% to 4,537.30 points.
Recent news, topped by Air Arabia’s exposure to fund investments managed by Abraaj, have negatively impacted the UAE bourses to close in red territory yesterday, managing director of asset management at Menacorp Tariq Qaqish said.
Some banks are expected to uncover their exposure to the Abraaj crisis within the next days, which has made investors cautious and concerned, Qaqish added.
He urged the Securities and Commodities Authority (SCA) to begin imposing sanctions on firms that do not oblige to the principles of governance and transparency.
Listed companies and banks, including Mashreq Bank, Commercial Bank of Dubai (CBD), and Aramex, in addition to some of the insurance sector’s firms, are projected to disclose their exposure to the crisis.
