Sentiments on the UAE stock markets have turned completely negative – as a mix of global events and local concerns fuel investor fears. Within the first two hours of Monday. The index shed more than 100 points, with 28 stocks in the red. (Al Salam Group Holding is the only one as of 11.30am to break the down trend.)
The real estate stocks, which had been showing signs of strong recovery through the first two months, are particularly hit.
On ADX, the systemically important stocks are all hitting a negative, with some analysts warning that some additional shocks could be in store for investors in the next 48 hours.
Analysts say recent talk about supply situation in Dubai property has resurfaced as investor worries. Plus, the planned de-listing of DXB Entertainments, the theme park operator, as part of a capital restructuring.
A listing too
Part of International Holding Co, Palms Sports listed ADX’s Second Market under the trading symbol ‘PALMS’. The company’s nominal share capital is Dh150 million, with each share at Dh1. This is the fifth listing on ADX in 2020.
Image Credit: Supplied