A stellar one day performance for the Dubai benchmark equity index on Tuesday with gains of almost 1.5%. This comprehensively eclipsed the performance along the road in Abu Dhabi where the index closed only a fraction higher.
- Al Dar Properties +7.1%
- RAK Properties +5.6%
- Lulu Retail -9.8%
Al Dar Properties was leading the large caps during Tuesday’s session, with the stock closing 7.1% higher. That extends the gains seen yesterday with investors continuing to cheer the upbeat full year results published at the start of the week. Shares are trading above 9 Dhs, a level that hasn’t been seen in almost two decades.
RAK Properties also fared well, again continuing to find support off the back of recent earnings news. Volumes have been sharply elevated as investors look to get into the stock, which was up 5.6% on the day and gain since the mid-December lows now sit close to 30%.
Lulu Retail was the biggest faller, with earnings news being the driver here. After the close last night, the recently IPOd company reported full year net profits up 12% but higher lease expenses took a toll on Q4 performance and this has evidently rattled some investors. The stock was down 9.8% on the day.
