Emirates Stock Exchange
Emirates Stock Exchange

The Emirati government is trying to support the Emirati market, the financial markets, and the UAE stock markets, and that the recent measures taken by the government regarding the Corona virus and its impact on the economy contributed greatly to the support of the UAE stock market.

In a related context, Raed Diab, deputy head of the Research and Investment Strategies Department at KAMCO Investments, revealed that all UAE stock markets after rising in the last period declined again during the sessions of the previous week of the current month in May 2020, with the absence of incentives and selling pressures on some UAE stocks, especially banking, with a number of them exposed to "Phoenix Commodities" and "NMC Group".

In a related context, three banks have revealed their exposure to the debts of the Phoenix Commodities Group and its subsidiaries after the recent news issued today, concerning the liquidation of nearly 400 million dirhams.

In this regard, it was reported by a document prepared by liquidators that Phoenix Commodities BVT, which specializes in agricultural products trading, which has offices in Dubai and the State of Singapore, is currently subject to liquidation after accumulated losses in trading operations in more From $ 400 million.

On the other hand, Diab expected continued fluctuating performance again in the market in the coming period until the emergence of modern incentives on the part of the UAE Ministry of Economy and on the part of the UAE central bank or the UAE central bank, the most prominent of which is the ability of the UAE to control the outbreak of the emerging corona virus and access to an effective vaccine And return to life before cor.

On the other side, he indicated that the Emirate of Dubai announced the gradual opening of its economy with the intention of many countries in the world at the present time to reopen its commercial activities, the last of which was the opening of public parks and some public transportation in accordance with preventive conditions and strict measures by some international governments.

While regarding the weekly performance, the decline index was able to cloud the performance of the Dubai and Abu Dhabi indices amid total market losses exceeding one billion dirhams.

The general index fell in the Dubai Financial Market during the previous week, which ended yesterday at about 1.46% at the level of 1894.47 points.

On the other hand, DAMAC Properties topped all the emerging shares during the week on the Dubai Financial Market by 7.58%, followed by Mashreq by 6.17%, and Emaar Malls rose by 3.48%.

Salama also led the week, with a decline of 8.3% in stocks, as well as a decline in Emaar by 3.25%, and Dubai Islamic by 2.3%.

The market value of the Dubai Financial Market decreased by 2.2 billion dirhams during the week, to 278.910 billion dirhams, compared to 281.146 billion dirhams at the end of last week.

On the other hand, the general index of Abu Dhabi Financial Market increased marginally by 0.13% at 4067 points.

Bildco shares rose on the Abu Dhabi Financial Market by 8.33%, followed by Etisalat Group by 5.51%.

On the other hand, Ishraq Investment topped all the falling stocks throughout the week, to drop by 10%, and Dana Gas by 4.4%, and Abu Dhabi First fell by 2.29%.

While the market value of the Abu Dhabi Financial Market increased to 454.267 billion dirhams, compared to 451.209 billion dirhams at the end of the previous week, in order to gain about three billion dirhams.