Wednesday proved to be a mixed day for UAE equity indices with the Abu Dhabi benchmark adding 0.2% whilst the Dubai equivalent eased back almost 0.6%.
- Agility Public Warehousing +6.2%
- Abu Dhabi National Hotels +3.8%
- Lulu Retail -9.6%
Agility Public Warehousing was the biggest gainer of the large caps, up 6.2% on the day. As we have noted previously, this is a very thinly traded stock and today was no exception with just a couple of small orders being recorded on the exchange. One point of interest that could lend support in the longer term is the publication of a recent report highlighting the growth of the logistics sector in the region.
Abu Dhabi National Hotels advanced by 3.8%. There’s no news out but full year results are imminent and confidence appears to be building ahead of these. The stock saw a notable increase in the number and average size of trades on the day, according to exchange data.
Lulu Retail is again the biggest faller, off another 9.6% suggesting that “limit down” triggers have been hit again. Investors continue to mark down the stock against the poor quarterly earnings print which was announced earlier in the week and volumes remain elevated too, with almost Dhs100m worth changing hands.
