It was a mixed performance for UAE equity markets on Thursday with gains on the Dubai benchmark index of just under 0.4% contrasting with losses of around 0.25% in Abu Dhabi.
- Emaar Development +4.4%
- Alpha Dhabi +4.2%
- Emirates Central Cooling -3.7%
Emaar Development was the day’s biggest riser, up 4.4%, rising for a third successive session. Volumes are brisk but far from looking elevated and although there’s no company specific news apparent, a recent report from global property group JLL has highlighted that demand for real estate assets in the region is set to be robust in the final quarter.
Alpha Dhabi is back on our list, with gains of 4.2% making it the second biggest riser of the large caps. The stock had been trading close to recent lows at the start of the week, but news last night of a dividend distribution to shareholders appears to have ignited some support. Volumes showed no meaningful variation.
Emirates Central Cooling was trading down 3.7% on the day. Despite news released today that it had completed the largest cooling plant coverage, investor preference appeared to be taking some profits off the back of the 12% rally seen since the start of the week.
