The week has started with gains of around 0.5% on benchmark equity indices in both Abu Dhabi and Dubai. Markets appear to be in a resilient mood despite Friday’s better than expected US employment data setting the tone – at least to some extent – for global interest rate policy.
- Al Dar Properties +6.8%
- RAK Properties +5.9%
- Commercial Bank of Dubai -3.5%
Al Dar Properties was the biggest riser of the large caps, up 6.8% on the day. Earnings news released this morning painted a bright picture for the company, with profits up 43% off the back of a thriving Abu Dhabi property market. The order backlog is building and investors will also benefit from a 9% increase in the dividend payout.
RAK Properties was 5.9% higher, extending the gains that were initiated before the weekend break. That was driven by another set of bumper results with revenues up 40%, profits increasing by 32% and assets up by 24%. Again the development backlog is building.
Commercial Bank of Dubai was the biggest large-cap faller, off 3.5%. There’s no news out but the stock had a strong run last week. Volumes are far from abnormal so this is likely just some profit taking.
