Equity markets in both Dubai and Abu Dhabi had a very quiet day, with benchmark indices barely moving during the session.
- Emirates Islamic Bank +10%
- Commercial Bank of Dubai +3.7%
- Dubai Taxi Company -2.9%
Emirates Islamic Bank was the biggest riser of the large caps on Wednesday, adding 10% and more than reversing yesterday’s losses in the process. Once again however this comes back to an illiquid market with the exchange recording just two transactions on the day.
Commercial Bank of Dubai also fared well, adding 3.7%. Gains over the last week are now heading towards the 10% level which was fuelled by news of an Artificial Intelligence collaboration with Microsoft. There has been no news since but interest in the stock remains elevated.
Dubai Taxi Company was the biggest faller of the large companies, down 2.9%. Again there’s no fundamental driver here but the stock is now heading back to lows not seen since the start of the year. Traded volumes remain fairly active.
