The major equity indices in both Dubai and Abu Dhabi found support heading into the weekend break, shrugging off the pessimism that is being seen for the asset class elsewhere.
- Emirates Central Cooling +3.9%
- Mair Group +3.3%
- Commercial Bank of Dubai -3.3%
Emirates Central Cooling topped the board, adding 3.9% on the day. There’s no news here but volumes of the stock transacted were at their highest levels for the month.
Grocery group Mair found some support on Friday. The stock IPO’d just over a week ago with the valuation surging initially before a degree of profit taking kicked in. This morning the stock traded as low as 1.62Dhs before closing the week at 1.85Dhs.
Commercial Bank of Dubai was the biggest faller amongst the large caps. Many of the sector’s stocks are typically thinly traded so the fact volumes observed today were elevated is notable. There is however no news out here so the 3.3% decline may be explained away by the skew on the order book. The shares continue to trade within the range observed over the last month.
