ALBAWABA- UAE stock markets have registered a downturn as Thursday's trading session came to a close, spurred by mounting apprehensions regarding the global economic slowdown and fluctuations in oil prices. This decline has led to significant losses exceeding AED 6 billion.
Notably, the Dubai Financial Market recorded losses of AED 4.033 billion, while the Abu Dhabi Securities Exchange faced losses of AED 2 billion, contributing to an overall deficit of AED 6.033 billion.
The Dubai and Abu Dhabi exchanges attracted liquidity worth AED 1.513 billion, distributed across 26,940 transactions. Amid these market fluctuations, the Dubai Financial Market Index decreased by 0.53%, settling at 4048 points. Several major companies witnessed a decline in their shares, reflecting the market's volatility.
This comes in the wake of similar losses in January of the previous year due to concerns over the global economic slowdown and oil price fluctuations. Despite the setbacks, the Abu Dhabi Securities Exchange maintains its position as the second-largest Arab stock exchange by market capitalization, with a value of around $714.6 billion, representing 17.6% of the total Arab markets.
The Abu Dhabi market's value experienced substantial growth in 2022 due to new listings, while the Dubai Financial Market reached a value of $158.4 billion by the end of 2022, accounting for 3.9% of the total Arab stock exchanges' capitalization.
