Wednesday saw modest losses being accrued for leading indices in both Dubai and Abu Dhabi.
Burjeel Holdings saw a third consecutive day of busy trade for its stock, with gains since the start of the week now tallying more than 5.5%. That comes off the back of a test of seven month lows however, and belies the solid margin improvement noted in a Q1 update a few weeks back.
Emaar Development is again in focus as one of the best performing large caps, up 1.9% on Wednesday. That comes off the back of a recent run of losses after analysts reportedly took a more conservative view of the company’s outlook. Today’s 1.9% uptick needs to be taken in the context of the close on 15% decline seen over the last three weeks.
Cryptocurrency miner Phoenix Group had another down day, losing 7.4%. The share price has been in for a turbulent ride of late, making two appearances in this column last week, but today’s sell off takes the price almost back to last week’s lows. Volumes were slightly muted against the spike seen last week, but interest is clearly still elevated.
