UAE Stocks: Dubai Taxi, Abu Dhabi Ports, Phoenix Group

There’s a cautious air prevailing for UAE equity markets with modest losses being posted on the Dubai benchmark, but a more notable retracement of 0.45% was seen in Abu Dhabi, with the FADGI moving down to levels not seen in over two weeks.

• Dubai Taxi +3%
• Abu Dhabi Ports +2.3%
• Phoenix Group -5.2%

Dubai Taxi Company was the biggest gainer with the share price coming close to a retest of the all time highs posted around a month ago. There’s no fresh news here but this augments the gains posted on Tuesday and comes off the back of a meaningful increase in traded volumes. Abu Dhabi Ports also fared well amongst the large caps, up 2.3%. There doesn’t appear to be much behind the move however – it reverses the losses posted on Tuesday and traded volumes look elevated although far from abnormal. Phoenix Group has been flagged as a big riser of late but today the share price is down 5.2%. There’s no news here and this could be explained away by mere profit taking off that latest bounce, although a softening of bitcoin prices may also be influencing.