UAE equity indices started the week very much on the back foot, in line with a majority of Asian markets. Both the Abu Dhabi and Dubai benchmarks fell by almost 0.6% on the day.
- Emaar Properties +1.8%
- Deyaar Development +1.8%
- Gulf Navigation Holding -7%
Amongst large caps, action at the stock specific level was relatively limited today, with Emaar Properties being the biggest gainer although the upside was just a shade over 1.8%. There’s no apparent news here and volumes were well below levels seen around the time of earnings last week.
Deyaar Development was up just a little less than 1.8% The stock has been on a good run so far this month, advancing by around 25% which has been enough to push the market cap above our $1bn cut-off. Again however there’s no fundamental news visible to support these gains.
Gulf Navigation Holding was the biggest faller, off 7% on the day. Earnings news published after the close on Friday night saw revenues up 26% for the reporting period, but net profits for the same period were down 84%. Investors appear to have focused in on this and sold the stock as a result, with sharply elevated volumes being recorded.
