The Dubai index finished the day essentially flat whilst the ADX fared slightly worse, although losses were limited to just 0.2% with minimal newsflow in circulation following the Eid celebrations.
- Abu Dhabi Islamic Bank +2.6%
- Abu Dhabi Commercial Bank +2.5%
- TECOM Group -3.2%
Abu Dhabi Islamic Bank was 2.6% up on the day, leading the pack and posting a marked increase in traded volumes that are helping the stock maintain the rally that has been for the last quarter. The move extends the gains we acknowledged in yesterday’s report and the deal signed with DIFC continues to attract media attention.
Abu Dhabi Commercial Bank was also a strong performer amongst the large caps on Thursday, adding 2.5%. Traded value was meaningfully higher although news updates in circulation probably don’t justify the uplift.
TECOM Group was the biggest faller, off 3.2%. the loss was notable against recent share price performance for the stock, taking the valuation back to levels not seen since late April.
