Amidst a generally upbeat theme for most global equity markets, benchmark indices in both Dubai and Abu Dhabi also advanced on Thursday, with gains of 0.65 and 0.4% being recorded respectively.
- Commercial Bank of Dubai +6.2%
- Alpha Dhabi +3.8%
- Parkin -2.7%
The Commercial Bank of Dubai was showing as the biggest riser amongst the large cap stocks but volumes were again notably limited as is typical for many banking stocks in the region. In a quarterly filing by RAK Properties, a partnership deal with the bank was reiterated, but with this news having initially been announced three weeks ago, it seems unlikely that this will have been the driver.
Alpha Dhabi was in second place, up 3.8%, extending the run of gains that have been in play since the start of the month. A JV with ADNOC to acquire a tech enabled energy services company coincided with the start of this run higher, whilst news of investment from GQG Partners has also been seen. Traded volumes remain elevated but down from levels seen at the start of the week.
Parkin was the worst performer of the large caps, with the parking operator dropping 2.7%. After four consecutive losing sessions, modest gains were posted yesterday in a notably quiet day of trade, but the break here has been short lived. Next Tuesday’s earnings release may offer some fresh direction.
