Broad based gains were seen on both the ADX and DFM on Friday despite a weaker session being recorded across South East Asian markets.
The thinly traded Commercial Bank of Dubai found some support during Friday’s session. Shares in the $5 billion company advanced by around 3% and although there’s no recent news out, that report of a tie up earlier in the week of a strategic partnership with Emirates Development Bank is worthy of note.
National Marine Dredging also fared well, adding 2.9% on the day. Again there’s no news but interest in the stock was meaningfully higher than we have seen in recent trade and the announcement of a tie up with ADNOC does seem to have reignited interest in the stock. Gains since the middle of last week now stand at around 6%.
After uncharacteristically thin trade following the Eid celebrations, Abu Dhabi National Hotels saw volumes increase notably on Friday resulting in the stock being the worst performer amongst UAE large caps. The price is however holding just above the 11 month lows we saw tested earlier last week.
