Monday 25, June 2018 by Kudakwashe

UAE investors await firms’ disclosures on Abraaj exposure

 

Investors in the UAE stock markets are concerned that companies have not revealed their losses from the Abraaj crisis, except Air Arabia

Dubai Financial Market (DFM) closed at 0.03 per cent to 2,929.06 points, and the Abu Dhabi Securities Exchange (ADX) levelled up 0.34 per cent to 4,550.51 points on Sunday.

The UAE bourses are likely to maintain the sideways trend this week amid cautious trading as other listed firms have not unveiled the extent of their exposure to The Abraaj Group crisis, reported Mubasher.

Issam Kassabieh, Senior financial analyst at Menacorp Financial Services, expected Mashreq Bank and Commercial Bank of Dubai (CBD) to have ties with The Abraaj Group's, adding that some stocks topped by Aramex, as well as some of the insurance sector’s stocks have ties to the exposure, according Mubasher.

UAE’s Securities and Commodities Authority (SCA) called for listed firms to disclose their exposure to The Abraaj Group last week.

  

 

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