Gains were seen across both Abu Dhabi and Dubai’s benchmark equity indices on Thursday, with last night’s news from the Federal Reserve at least offering some direction.
- Alpha Dhabi +3.4%
- Dubai Islamic Bank +1.3%
- Commercial Bank of Dubai -3.6%
Alpha Dhabi was the biggest riser, adding 3.4% on the day. This extends a recent rally that the holding company has enjoyed since the end of last month. Volumes have been remarkably steady throughout however and beyond a JV announcement a few days ago there has been no specific news here.
Dubai Islamic Bank added a relatively modest 1.3%, but this was sufficient to make it one of the biggest risers amongst the large caps. If anything, volumes were reported as being a little lighter than we’ve seen in recent days but as previously noted this stock has been sitting in a relatively narrow channel for more than two months now.
And it was the Commercial Bank of Dubai that clocked up the biggest losses in the >$1bn category, sliding by 3.6%. The stock sees very low levels of trade being reported by the exchange. The bank was trading even further offside earlier in the session but the update from the Federal Reserve over the US rate outlook evidently failed to deliver any support.
