Covid-19 developments cast a shadow over the markets

Fears of the closure and the decline in oil affect the Gulf and local financial markets

Yesterday's declines were the largest since economic activity reopened.

Archives

Fears of a return to the closure and restrictions on aviation movement globally, which some countries announced, due to the emergence of a new strain of the emerging corona virus (Covid-19), in addition to oil price declines, cast a shadow on global financial markets, and behind them the Gulf and local.

The Dubai Financial Market ended trading, down by 3.84% at 2461 points, with trades totaling 480 million dirhams, while its counterpart in Abu Dhabi decreased by 0.79% at 5073 points, with trades totaling 504 million dirhams.

Yesterday's declines were the largest since the economy reopened and business activity resumed.

Dubai Financial

According to Dubai Financial Market data, shares of 29 companies closed lower, out of 31 companies whose shares were traded, while the shares of two companies rose.

Shares of «Emaar Properties» closed down 4.8%, at 3.4 dirhams, with transactions that exceeded 29 million shares, while the share of «Dubai Investment Company» decreased by 4.7% at 1.42 dirhams, with transactions that exceeded 31 million shares.

In turn, the share of "Damac Real Estate Company" decreased by 5% at 1.52 dirhams, with transactions that exceeded 18 million shares, and the share of "GFH" decreased by 4.9% at 0.584 dirhams, with transactions that exceeded 32 million shares.

Dubai Islamic shares also fell 4.5% at 4.46 dirhams, with transactions that exceeded 18 million shares, while Emirates NBD fell by 2.8% at 10.45 dirhams, with transactions exceeding four million shares.

Abu Dhabi Securities

On the Abu Dhabi Stock Exchange, Ishraq Investment decreased by 4.8% at 0.33 dirhams, with transactions exceeding 11 million shares.

"Dana Gas" shares also decreased by 5% at 0.69 dirhams, in transactions of nearly 21 million shares, while the share of "TAQA" decreased by 4.9% at 1.35 dirhams, in transactions of nearly 11 million shares.

Gulf markets are declining ... Oil is falling

The Gulf market indices recorded declines, during yesterday's session, affected by fears of the "pandemic".

Oil prices fell by three dollars, in the biggest drop in one day, since June 2020, as Brent crude fell three dollars per barrel, equivalent to 5.7% to 49.26 dollars a barrel, while American West Texas Intermediate crude fell by 2.92 dollars, Or 6% to $ 46.18.

Follow our latest local and sports news, and the latest political and economic developments via Google news