UAE equity markets continue to work their way higher, comprehensively shunning the performances seen elsewhere across the globe, Modest gains were recorded on Thursday on both the DFMGI and the FADGI indices.
- Agthia +8.5%
- Commercial Bank of Dubai +3%
- Parkin -5.13%
Agthia topped the board for large caps, advancing 8.5% on the day. Traded volumes were notably higher during the session although there was no news in circulation. Today’s gains mean the share price successful broke above the May 2021 highs, with an all-time high of 7.6Dhs being the next obvious target.
Commercial Bank of Dubai advanced 3% on the day although as we have noted before this is a thinly traded stock and today was little different. However interim earnings released yesterday provided something for investors to work on with profits for the first half advancing 18.5%
Parkin was the biggest faller of the large caps, down 5.13% and reversing around half of the gains we saw clocked up on Wednesday. The public parking operator is scheduled to report earnings tomorrow, with a markedly higher level of transactions than usual being processed.
