UAE benchmark equity indices fell back during Thursday’s trade, each shedding around 1%. Notably, Abu Dhabi’s six day losing streak on the FADGI is the longest run lower that has been posted since May.
- Apex Investment +2.5%
- Parkin +2.1%
- Phoenix Group -5.5%
Apex Investment was topping the board again on Thursday although gains were a modest 2.5%. The share price continues to hold close to the levels not seen in around two years following the solid run seen in September. Volumes were elevated when compared to yesterday but interest remains notably subdued when compared to the heightened levels of activity reported last month.
Parkin was 2.1% higher in a move that coincided with the company announcing it had signed an MoU with Skyports to develop Dubai’s Air Taxi infrastructure. This is seen as adding another revenue stream for the business, although the share price impact has been relatively limited when compared with some of the recent moves we’ve seen for the company.
Phoenix Group was 5.5% lower. Again there’s no news from the company here but the cryptocurrency conglomerate remains under pressure. The shares came to market at the end of 2023, quickly advancing to 2.50Dhs but are now testing fresh all time lows around the 1.40Dhs level. Are stubborn crypto prices holding back progress here?
