UAE equity markets didn’t have the bruising start to the week that was seen in other markets, but notably the Dubai benchmark stocks index found good support today, adding 0.7%. The Abu Dhabi equivalent was however rather more subdued, adding less than 0.1%.
- Apex Investment +4.3%
- ADNOC Gas +3.6%
- Emirates Islamic Bank -5.4%
Apex Investment topped the board for the large caps on Tuesday, adding 4.3% and reversing almost half of yesterday’s losses. Volumes were even higher than noted on Monday, with what looked like a short bout of profit taking making way for bargain hunting.
ADNOC Gas was up 3.6%. News of a new LNG supply deal seems to have been the catalyst here, giving investors something to cheer, reversing the losses accrued over the last couple of weeks.
Emirates Islamic Bank was 5.4% lower but as we note repeatedly, share trading in the banking sector regionally is dominated by low volumes. Last week’s news of record profits gave the stock a modest lift, so this reversion is again likely a result of profit taking in an illiquid market.
