Very modest losses were seen across the Abu Dhabi and Dubai benchmark indices on Thursday. Tomorrow’s US non farm payrolls could be instrumental in providing further direction but given timings, that’s going to have to wait until next week…
- Al Dar Properties +2.5%
- Abu Dhabi Islamic Bank +1.5%
- Emaar Developments -2.6%
Al Dar Properties was the best performer of the big caps, adding 2.5% on the day. There doesn’t seem to be any fresh news here but as we noted yesterday the underlying fundamentals appear strong for the business and volumes appear higher than usual.
Abu Dhabi Islamic Bank was up 1.5%. There’s no news here and the stock does look somewhat volatile but volumes are broadly in line with levels that have been seen in the last few days.
Emaar Developments was the biggest faller of the large caps although downside was limited to just 2.6%. Volumes have been building but there’s no news evidently supporting the reversion. However the longer term up trend that has been in place remains in tact.
