By: Mahmoud Gamal
Abu Dhabi- Mubasher: The value of UAE stocks dropped on Tuesday, coinciding with the retreat of oil’s prices and global markets, leading to stocks declining below their nominal value of AED 1.
Thirteen out of a total of 45 shares listed on the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) fell below AED 1, of which 8 were on the ADX and 5 on the DFM.
“The shares were affected by falling oil prices by 3% and the retreat of global markets affected by the approach of the UK’s exit (Brexit) from the European Union (EU),” stock market technical analyst Fadi el Faouri told Mubasher.
In DFM, Aman’s stock topped fallers, sliding 3.18% to 0.579 AED, followed by Union Properties by 1.37% to AED 0.720, then GFH by 1.04% to AED 0.860.
Meanwhile, on the ADX, RAK Cement descended 2.47% at AED 0.79, followed by Methaq Takaful Insurance Co. by 2.41% at AED 0.81.
Stock market analyst Mohammed Al Kaabi expected that this drop will last till oil prices stabilise above $53 per barrel.
Most of the stocks trading below their its nominal value are at a good chance for purchasing, especially ahead of the announcement of companies’ H1-16 financial results, a strong factor in attracting liquidity to the market,” he added.
Translated by: Sara Ghali
