United Arab Emirates stock markets outperform Omigran’s concerns

Although global financial markets saw a decline due to the new transformation of the Corona, the UAE financial markets ended the day with a boom and huge cash flow.

The increase in the value of trade in the financial markets of the United Arab Emirates was supported by the significant action of “Etisalat” shares, whose liquidity attracted nearly 5.28 billion dirhams.

Global markets and exchanges plunged in the wake of economic concerns on Tuesday, following reports by the CEO of the pharmaceutical company Moderna about the effectiveness of the current vaccine against the new strain “Omigron”.

The total cash flow in the local stock exchanges was about 8.8 billion dirhams, in the Abu Dhabi market 7.198 billion dirhams and in the Dubai market about 994 million dirhams.

A total of 995.8 million shares were traded, including 630.3 million shares in the Abu Dhabi market and 365.49 million shares in the Dubai market, with more than 23.9 thousand deals executed in both markets, according to Emirates News.

The Dubai financial market closed 0.42% or 13 points higher at 3072.91 points.

The Abu Dhabi market rose 0.8% or 67.9 points to 8,546.52.

In the Abu Dhabi market, Etisalat’s share attracted 5.28 billion dirhams in cash and closed at 3.3%, while the first Abu Dhabi bank attracted about 684.6 million dirhams, up 0.95%.

Shares of Dubai Islamic Bank rose 392 million dirhams, followed by Emar Properties, 261.6 million dirhams and 1.78% in the Dubai market.

Local stock markets are scheduled to have an official holiday next Wednesday and Thursday during the 50th United Arab Emirates Day celebrations, and trading will begin next Sunday, December 5, 2021.

The head of Moderna told the Financial Times that the current vaccine against Covit-19 would be much less effective against the new mutant “Omigran” compared to previous mutant strains.

Shares of Japan fell for the third consecutive session today, and the Japanese “Nikkei” index fell 1.63% to 27821.76 points, the lowest level since October 7, 2021, and Omicron squandered its previous gains amid hopes that it will be tough. The world feared.

The broader “TOPIX” index, meanwhile, lost 1.03 percent to a three-month low of 1928.35.

Some investment managers have said that global markets are volatile due to inflationary concerns, which could push the world’s central banks to end stimulus measures.