Shares in ADNOC were amongst the biggest risers in terms of large cap stocks on Thursday, advancing by more than 3% and reversing the losses of the last week. The share price rebounded off six month lows with a notable uptick in traded volumes also being seen.
AI stocks were also faring well during the session with both Bayant and Presight posting gains of between 2% and 3%. There’s no apparent news directly from the companies but AI stocks in the US did find support on Wednesday amidst optimism that the Federal Reserve may be nearing that critical interest rate cut.
Emaar Properties extended losses from earlier in the week as the market continued to digest earnings news covering the quarter to 31st March. However, despite the 2.7% sell off, shares are now back where they stood following the most recent shareholder payout of 50 fils with the stock trading ex-div at the start of the month.
