The Abu Dhabi benchmark equity index nudged a fraction higher today, but gains on the Dubai equivalent were rather more convincing with the market adding 0.34% by the close.
- Emaar Development +4.4%
- Alpha Dhabi +2.9%
- Dubai Electricity and Water Authority -2.9%
Emaar Development was the biggest riser amongst the large caps, up 4.4% on the day. The share price has been swinging fairly actively between the 11-12Dhs level over the last three weeks, during which time volumes have appeared consistent. There is however no fundamental news out to support the move here.
Alpha Dhabi was in second place, adding 2.9%. Again there’s no news here but the share price had traded down to 10.5Dhs before finding support. This is the second time the stock has rebounded off this level which also marks the post-IPO low.
Dubai Electricity and Water Authority was the biggest faller although losses were a modest 2.9%. There’s no news to support the selling but the stock did have a good run at the end of last month amidst elevated trading volumes and continues for now to sit above the typical levels seen earlier in the year.
