UAE equity indices had something of a mixed session on Wednesday with the Dubai benchmark adding 0.6% to reach its highest level in 10 years, whilst the Abu Dhabi equivalent slipped 0.2%.
- Al Seer Marine +5.1%
- Dubai Financial Market +4.5%
- National Bank of Fujairah -9.8%
- Gulf Navigation Holding -4.2%
Al Seer Marine was the biggest riser, up 5.1% on the day. There’s no evident news here to support the move, but interest in the stock has been elevated.
Exchange operator Dubai Financial Market was in second place, up 4.5% on the day. News of a partnership with Mbank to launch an IPO upgrade platform was released yesterday, making it easier for investors to participate in new issuances.
National Bank of Fujairah was off 9.8% on the day making it the biggest faller of the large caps but as we often see in the financial sector, these stocks can be very thinly traded.
Gulf Navigation Holding was in second to last place, down 4.2%. The stock has been under pressure since the release of earnings news late last week, with today’s sell-off taking the recent run of losses to more than 12%.
