June 3, 2023

Dubai Week

Complete Dubai News World

How long will the impact of "Corona Omigran" on the markets last?

How long will the impact of “Corona Omigran” on the markets last?

Wasim Zuma, investment head of Capital Investments, said the extent to which the dynasty’s influence continues. Corona omigron, Linked to scientists’ determination of vaccine efficacy and immunity.

In an interview with Al-Arabiya on Tuesday, he said that if there were no closures, we would face a recession today, so there would be a recession in the economy and another recession on Thursday. Derived from the “OPEC +” decision not to increase production.

He continued, “There is another stalemate over the rise in euro, dollar and US bond yields, in the direction of expecting the central bank not to tighten its monetary policy, all of which are reflected in the markets.”

Fluctuations in the markets now dominate the situation, and at the regional level, it is affected by oil prices and falling markets of about $ 10 or more.

Waseem Zuma explained that the Saudi market was approaching its 200-day average of 10,600 points, which is a support level of 10,400 points.

He pointed out that the banking sector’s announced results for October were not encouraging, adding that the absence of fertilizers would put pressure on the market and the petrochemical sector, which would be affected by the fall in prices from the fourth quarter. Market.

The Dubai market and other markets have a different picture, but the investor may now see an opportunity to buy, while the Kuwaiti market may be different because the mix of sectors is different, and companies in the UAE markets are linked to the opening of the economy and the basics are good so it is desirable to enter the investor without speculation.

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He pointed out that science was waiting for the results of the mutated virus from Corona Omigran to be presented, and that there had been no violent closures so far.