UAE equity markets resumed trading today after the Eid break. The major bourses in both Dubai and Abu Dhabi found gains, reflecting the support seen for many stocks globally since the weekend break, although news dictating price action was limited.
Abu Dhabi Islamic Bank topped the board for the large cap stocks on Wednesday, advancing 4.2%. There’s no news that would appear to be driving this as this morning’s reports of a tie up with DIFC were actually signed last month and whilst volumes were slightly elevated, they were far from abnormal.
Ghitha found modest gains but the stock has been under a degree of pressure for some time, trading down to levels not seen since February 2022. Again volumes were unremarkable but could today’s price action be indicative of a degree of bargain hunting coming into play?
And RAKBANK was the worst performer amongst the large caps, down by 2.8%. However there was very little trade seen in the underlying stock today and prices remain squarely within the 5-5.50Dhs range that has been sustained for some months now.
