Another day of modest gains on benchmark equity indices in both Dubai And Abu Dhabi. The DFMGI added 16 points whilst the FADGI added six points, the positive momentum coinciding with yesterday’s more dovish tone from the Federal Reserve which is raising hopes that a US rate cut may not be too far away.
- Commercial Bank of Dubai +3%
- Pure Health Holding +2.8%
- Apex Investment -1.3%
Commercial Bank of Dubai was the biggest riser amongst the large caps today, adding 3% during the session. However this is a thinly traded stock and the gains come off the back of some meaningful losses having been recorded on Tuesday.
Pure Health Holding was in second place up some 2.8%. The stock has been on a tear since testing all time lows just over a month ago and has now returned to levels not seen since February. Volumes were slightly elevated but far from remarkable and there’s no news in circulation to explain the move.
Apex Investments was the biggest faller although losses were a measured 1.3%. This stock has been quite heavily traded over the last few days so today marked a return to more normal volumes and the quantum of the move lower hardly seems like anything to be of concern. Shares are continuing to trade just below the 1.50Dhs level that has been held for the last few weeks.
