By: Mahmoud Gamal
Dubai – Mubasher: Investors in the UAE stock markets are concerned that companies, except Air Arabia, haven't revealed their losses from the Abraaj Capital recent crisis, Analysts told Mubasher.
By the end of Sunday’s trading session, the Dubai Financial Market (DFM) edged up 0.03% to 2,929.06 points, and the Abu Dhabi Securities Exchange (ADX) levelled up 0.34% to 4,550.51 points.
The UAE bourses are likely to maintain the sideways trend this week amid cautious trading as other listed firms than Dubai-listed Air Arabia have not unveiled the extent of their exposure to The Abraaj Group crisis, senior financial analyst at Menacorp Financial Services Issam Kassabieh said.
Kassabieh expected that Mashreq Bank and Commercial Bank of Dubai (CBD) will have ties to The Abraaj Group's crisis, adding that some stocks, topped by Aramex, as well as some of the insurance sector’s stocks have ties to the exposure.
By the end of this week, companies are likely to uncover their exposure to the crisis according to the deadline set by the UAE’s Securities and Commodities Authority (SCA) for listed firms to disclose their exposure to The Abraaj Group, he highlighted.
Kassabieh forecast Wednesday’s and Thursday’s trading sessions to be volatile, in line with the companies’ anticipated announcement regarding this crisis.
Translated by: Mai Ezz El-Din
