The Abu Dhabi benchmark equity index may have made little progress on Tuesday but Dubai’s equivalent soared, adding more than 1% again, with only a small minority of DFM listed stocks retreating on the day.
- Dubai Investments +2.9%
- Du +2.5%
- Phoenix Group -9.9%
Dubai Investments was the biggest gainer, adding 2.9% on the day, extending the run higher than has been underway since the middle of last week. It was a comparatively busy day of trade, with the exchange reporting volumes at levels that haven’t been seen in at least three months.
Emirates Integrated Telecommunications Company – or Du – also put in a good session amongst the large caps, adding 2.5% on the day. That came off the back of news that the company had posted bumper earnings yesterday with headlines including a 43% increase in net profits for the quarter to 0.7bn Dhs, the highest level seen in the last three years.
Phoenix Group was the big faller on the day, again with quarterly earnings news acting as the driver here, the 9.9% sell-off reversed yesterday’s gains but the numbers showed revenues from customer contracts down by almost 50%, tipping the $22m profit reported at this time last year to a $15m loss. The jump for bitcoin as the asset eyes a test of all time highs is doing little to lend support.
