A relatively quiet end to the week was seen in UAE equity markets with the Dubai benchmark creeping slightly higher by the close, whilst the Abu Dhabi equivalent was down 0.3%, giving back some of Thursday’s impressive gains.
- Apex Investment + 2.9%
- Salik Company +2.7%
- Borouge -3.5%
Apex Investment was the biggest riser of the large caps, up 2.9%. The company continues to see its valuation surge, something we noted earlier in the week. Gains since mid-August are now in excess of 50% following today’s brisk day of activity.
Dubai toll gate operator Salik Company was in second place, up by 2.7%. The company has seen shares gaining ground since the final valuation of two new toll gates was announced two weeks ago. Volumes have been notably elevated since.
The specialist polymer and packaging company Borouge was the biggest faller of the large caps on Friday, with the stock retreating by around 3.5%. The stock traded ex-dividend today after shareholders received an interim payout of 7.94 fils per share, so the sell-off equated to the cash distribution and the underlying price had seen a strong run of gains in recent days.
