UAE equity indices made gains on Tuesday, tracking Asian markets higher as they responded to news of improved economic sentiment from China. The Abu Dhabi benchmark added 0.6% whilst Dubai’s equivalent was 0.2% higher.
- Alpha Dhabi +6.7%
- Al Seer Marine +5.9%
- Parkin -1.9%
Alpha Dhabi was the day’s best gainer, up 6.7% and extending Monday’s advance. Quarterly results from the company are looming, whilst the company is also in the process of making an acquisition via a JV with ADNOC Drilling, plus the inward investment news we noted yesterday. Volumes were significantly up from levels recorded yesterday.
Al Seer Marine was in second place, up 5.9%. That extends the run of gains which have been in play since the mid-October funding announcement and more than recovers yesterday’s modest losses. Again activity in the stock’s trading has been elevated.
Parking operator Parkin was the biggest faller amongst the large caps, down 1.9%. The company alerted the market that its Q3 earnings will be released next Tuesday but this move caps a four day losing streak for the stock. Volumes are unremarkable.
