Abu Dhabi and Dubai equity indices tracked Asian markets higher in Tuesday’s trade with both benchmarks adding around 0.4% on the day.
- Emaar Properties +3%
- ADNOC Gas +2.3%
- Agthia -3.5%
Emaar Properties was sitting 3% higher on the day, continuing to extend its recent run of gains which surrounded the recent quarterly earnings release. A Joint Venture with Dubai World Trade Centre was announced this morning to develop a new urban community covering half a million square metres.
ADNOC Gas was in second place, up 2.3% on the day. Volumes were certainly meaningfully higher than usual but there’s no fresh news in play beyond the 10 year LNG deal with India that was seen as lifting the stock late last week.
Agthia was the biggest faller of the large caps, but losses were limited to 3.5% and again there’s no sign of any fundamentals drivers. Volumes were slightly elevated but this continues the sell-off theme seen in the wake of the recent results filing.
