The new month started with a modest bounce as both the Dubai and Abu Dhabi benchmark indices resumed their steady march higher, each closing just under 0.3% ahead.
- Al Seer Marine +2.4%
- Alpha Dhabi +2.3%
- Ghitha -3.7%
Al Seer Marine was the biggest riser, up 2.4%. The stock saw some meaningful selling pressure at the start of the week off the back of mounting first half losses which saw valuations re-testing recent lows.
Alpha Dhabi also had a good day amongst the large caps, adding 2.3%. The company posted half year earnings this morning with revenues coming in ahead of expectations, although the stock continues to trade below recent highs.
Ghitha was the biggest faller, with an active day of trade taking the share price down 3.7% and back to three week lows. It has been a turbulent few days of trade for the stock following the publication of earnings at the start of the week but the reported revenue and asset valuation growth isn’t feeding through to the share price.
