UAE markets fall as more firms disclose exposure to NMC, Finablr
Most of the companies had not exposure but Dubai Islamic Bank and its subsidiary Noor Bank announced their Dh2 billion exposure for the first time on Sunday.
The UAE stock markets started the week on a negative note, coming under pressure after the listed companies disclosed their exposures to troubled NMC Healthcare, Finablr and UAE Exchange on Sunday.
Most of the companies had not exposure but Dubai Islamic Bank and its subsidiary Noor Bank announced their Dh2 billion exposure for the first time on Sunday. While Ajman Bank disclosed Dh152 million exposure. As a result, DIB's shares plunged 4.77 per cent to Dh3.19, Emaar Properties slipped 1.37 per cent to Dh2.15, Emirates NBD lost 4.92 per cent to Dh6.56, Shuaa dropped 4.9 per cent to Dh0.40 and Emaar Development was down 4.56 per cent to Dh1.88 per share.
The DFM General Index dropped 2.36 per cent to 1,682 points while Abu Dhabi Securities Exchange plummeted 2.18 per cent to 3,676.46 points.
The UAE capital bourse was driven down by losses at Abu Dhabi Islamic Bank, Bildco, Sudan Telecom and Aldar Properties. They all lost more than 4.5 per cent.
Last week, the Securities and Commodities Authority, the regulator, reduced the loss threshold of stock markets from 10 per cent to five per cent to protect investors and contain volatility.
Abu Hweij, managing director of Allied Investment Partners, said the downward risk will continue to playout as the pandemic paralyses majority of the global economies.
"Regional markets will closely follow the developments on the Opec+ deal as it will have a direct impact on the domestic economies, going forward," he added.
In the region, all bourses closed marginally higher, except Bahrain Bourse, which dropped 0.56 per cent to 1,322.38 points.
Saudi Arabia's Tadawul Index nearly stayed unchanged, inching up 0.04 per cent to 6,752.19 points. Investors at the region's largest equity market were a bit positive about the Saudi-Russia oil production cut agreement this week despite delay in Opec+ talks.
Brent crude futures jumped 13.9 per cent, or $4.17 a barrel on Friday to settle at $34.11. Brent soared as much as 47 per cent on Thursday for its highest intraday percentage gain on record, closing up 21 per cent.
Boursa Kuwait rose 0.34 per cent to 5,060.53 points, Muscat Securities Market gained 0.07 per cent to 3,385.84 points and Qatar Stock Exchange rose 0.32 per cent to 8,485.26 points. - firstname.lastname@example.org
Tristar Group, the global integrated energy logistics company,... READ MORE
Commercial Bank of Dubai (CBD), a leading bank in the UAE, has won the ‘Best Innovation in Retail Banking’...
The Hotelware Group has announced it is entering the UAE’s burgeoning ... READ MORE
Mohammed Rasool Khoory & Sons announced the opening of a new... READ MORE
Of the 34 international airports in India, more than one-third of... READ MORE
These can include 225 pathogens in 10 different criteria. READ MORE
In the UAE, Father's Day is celebrated on June 21 every year. READ MORE
The system will pre-populate marks of Class X of pupils, who had... READ MORE