By: Mahmoud Gamal

Dubai-Mubasher: The UAE markets saw a negative performance in Sunday’s mid-session in line with lower oil prices.

As a result, investors tended to decrease their positions so the prices of many stocks declined below their par value of AED 1 per share.

Around 13 out of 52 UAE listed stocks witnessed losses by 11:30am UAE time.

Five Dubai-listed stocks declined below their par values, representing 17.2% of the 29 total listed stocks. In addition, around 34.8% of the 23 Abu Dhabi-listed stocks fell below their values, totalling eight stocks.

The UAE markets witness losses in today’s session due to the fall of stocks which saw selling pressures, as well as the fall of oil prices by 4% and expectations of volatile global markets, capital market analyst Amir Al Mansour told Mubasher.

Dubai Islamic Insurance and Reinsurance Co. (AMAN) decreased 1.6% to AED 0.9, while Union Properties (UP) and Deyaar Development slid 0.9% and 0.6% to AED 0.754 and AED 0.591 respectively. Gulf General Investment Co. (GGICO) and Salama Cooperative Insurance also levelled down 1.27% to AED 0.543 and AED 0.490 respectively.

Arkan Building Materials decreased 8.05% to AED 0.80, followed by RAK Properties, Dana Gas and TAQA which tumbled 1.64%, 1.72% and 5.56% to reach AED 0.60, AED 0.57 and 0.51 respectively.

Stocks are expected to continue their fall until oil prices stabilise at $46, capital market analyst Nawaf Al-Ajmi.

Trading of most stocks below their par values is an attractive opportunity, especially with the approach of third-quarter financials.

Translated by: Julian Nabil