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GCC markets end in red; volatility set to continue
Dubai - Equity markets are observing unprecedented times as the coronavirus pandemic has caused significant worldwide economic disruption.
Analysts believe that volatility in the local and regional markets will continue during the coming sessions until the Covid-19 coronavirus and uncertain worries subside. Equity markets are observing unprecedented times as the coronavirus pandemic has caused significant worldwide economic disruption.
The fall on Dubai bourses was led by a nearly five per cent decline in Air Arabia and Salama shares and 4.6 per cent plunge in Ajman Bank shares. Emirates NBD bank shares plummeted 4.2 per cent to Dh7.06 on Sunday. The decline in the Abu Dhabi bourse was led by banking stocks such as First Abu Dhabi Bank, Commercial Bank International, Abu Dhabi Commercial Bank. Other blue-chip shares such as Aldar Properties and Etisalat also fell on Sunday.
Iyad Abu Hweij, managing director of Allied Investment Partners, sees volatility continuing in equity markets.
“Going forward, the market volatility might continue in global equities but the downside risk appears to be limited after declining by an average of 30 per cent since the start of 2020. The regional markets have also followed the sentiments in global markets and witnessed sharp decline since the start of 2020,” said Abu Hweij.
“However, long-term investors might access the current environment in analysing companies with strong fundamentals that are expected to benefit once the current environment has been stabilised,” he said.
On Sunday, Muscat Securities Market also fell 1.1 per cent while Saudi Arabia’s Tadawul index ended 1.5 per cent lower despite staying positive in the morning trade. Bahrain Bourse also lost one per cent.
Boursa Kuwait and Qatar Stock Exchange bucked the trend, rising 5.1 per cent and 0.15 per cent, respectively.
waheedabbas@khaleejtimes.com
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