Losses were accrued on both UAE equity indices on Wednesday, in line with the dominant sentiment globally. The Dubai benchmark fell 0.6% whilst losses on the Abu Dhabi equivalent were just under 0.3%.
- Abu Dhabi Aviation +2.6%
- Parkin +1.5%
- National Bank of Umm Al Qaiwain -4.8%
Abu Dhabi Aviation was 2.6% higher with today’s AGM result approving the distribution of a Dhs0.03 per share payment being recorded at the event. There’s no news beyond this although the company is set to be propelled into the forefront of global aviation innovation with its aim of being the first customer of a new eVTOL aircraft.
Parkin, the car parks operator, was 1.5% ahead on the day. This extends a broad up trend that has been in play for the company since last week’s announcement of a move to dynamic parking prices across Dubai, which ought to bolster revenues. Whilst fractionally elevated, volumes are far from remarkable
The National Bank of Umm Al Qaiwain was 4.8% lower. Whilst still a thinly traded stock, there has been a comparative uptick of late with a number of small trades being processed. There is however no news here and the stock is now giving back most of the gains seen at the start of the year.
