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UAE Stocks: Abu Dhabi Commercial Bank, Ghitha


Both the ADX and DFM benchmark indices edged slightly lower on Tuesday’s session. There’s no specific news here but a degree of wariness is in play ahead of the US inflation data due at the end of the week.

  • Abu Dhabi Commercial Bank +2.1%
  • Ghitha +2.1%
  • National Central Cooling -2.9%

Abu Dhabi Commercial Bank was the biggest riser of the large caps, up 2.1%. The day saw meaningfully higher levels of trade being conducted in the stock but there’s no specific news out here. The move does however buck the global trend seen by the banking sector right now where stock prices have been under pressure in the short term.

Ghitha saw at least a partial reversal of yesterday’s losses with the stock adding 2.1% during Tuesday’s trade. Again there’s no news here and volumes have been broadly flat over the last couple of weeks, although the number of reported trades was lower than has been seen of late. With stocks at these 2+ year lows, are some value hunters now stepping in?

National Central Cooling was 2.9% down on the day, extending losses which got underway late last week. Again there’s no news here but the sell off does make for the company’s largest one day decline in more than five weeks.

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This article does not constitute investment advice. Make sure you do your own research or consult a professional advisor.

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