Equity markets in Dubai and Abu Dhabi posted modest losses on Monday, bucking the general trend being seen at a global level and coming despite gains for oil prices. Regional geopolitical concerns do seem to be weighing here.
- Abu Dhabi Ports +3.3%
- Investcorp Capital +2.5%
- Oordeoo -9.9%
Abu Dhabi Ports was the best performer on the day of the +$1bn stocks we focus on, adding 3.3%. There’s no news here but the stock has been struggling since it went ex-div in the latter part of September, so today’s move marks a meaningful rebound from that decline.
Investcorp Capital was the second biggest riser, up 2.5%. There doesn’t seem to be much here of note – it’s more the modest uptick in what has been an otherwise relatively quiet day for stocks.
Ooredoo was the big faller today, dropping by 9.9%. Despite its size – the market cap is around $10bn – this is a very thinly traded stock. The share price has however been close to testing year to date highs of late and given the limited order flow the drivers behind this move could well be immaterial.
