Vijay Valecha, Special to Gulf News February 28, 2022
Dubai: The UAE stock markets started the week relatively downbeat, with DFM down by about 13 points in the first two hours of trading, while ADX was down by just over 9,000 in the first two hours of trading.
Even the announcement of FAB – the Abu Dhabi mega-bank – sealing a deal with global fund manager Brookfield to sell a 60 per cent stake in the payments firm Magnati did not cheer investors. The FAB stock is at Dh20.28, down Dh0.29. The muted start to the week also extended to bellwether stocks IHC and Aldar, down Dh0.32 and Dh0.96 respectively, while Alpha Dhabi is up Dh0.67.
On DFM, 14 stocks are trailing lower and eight up, with Air Arabia being one of the gainers.
Indian markets in turnaround
Across Asian stock markets, the majority are in the green, with the Hong Kong and Singapore indices being the only two to trail. India’s key index, Sensex, initially started the day in the red, down about 900 points, then went in for a smart improvement to be nearly 200 points up by 12pm UAE time.
"Investors are still feeling squeamish about the Russia-Ukraine situation, which will pave the way for more interest in Indian blue-chip stocks," said K.V. Shamsudeen, Director at Burjeel Geojit Securities. "There are opportunities to pick up a few of them."