It’s been a notable start to the week with some material gains posted on the Dubai Index. Exchange data shows the DFMGI up by more than 4.5% on the session, versus a gain of less than 2% for the Abu Dhabi equivalent.
- Dubai Financial Market +14.7%
- EMAAR +14.7%
- Aglity -7%
The Dubai Financial Market itself was the biggest riser, adding 14.7% on the day. There’s no disclosable news but volumes were significantly elevated, coming in at 10 times higher than has been seen so far in December. However the gains track the underlying market which has surged to its highest level in a decade amidst optimism over US monetary policy.
That US rate call along with expectations of more dividends from the issuer lent support to EMAAR on Monday, leading the shares 14.7% higher by the close.
Agility Public Warehousing was the biggest faller, off by almost 7% at the close. This comes of the back of recent gains and there’s no news in evidence. As noted previously, there can be some inverse correlation with Agility Global, although today’s losses for the sister company were a modest 0.75%.
