Gains for UAE equity indices marked the week despite concerns elsewhere stemming over the outlook for the US economy. The AED USD peg will be lending some support here on the basis that UAE equities are de facto dollar denominated. The Abu Dhabi benchmark moved 0.1% higher whilst gains in Dubai were a rather more notable 0.7%.
- Emirates NBD +3.5%
- Presight AI +2.8%
- Agility Public Warehousing -7%
Emirates NBD was the biggest gainer amongst the large caps with the financial services company adding 3.5% on the day. This marks a third successive day of meaningful gains for the stock with volumes building and prices testing all time highs. The bank has recently received approvals to set up a wholly owned subsidiary in India, which could be lending support.
Presight AI was 2.8% higher. The company today announced a partnership with the National Media Office to optimise the UAE’s ecosystem using applied AI and whilst that’s positive news, these gains are more likely reversing the modest selling we saw going into the end of last week.
Agility Public Warehousing was the big loser, off 7% on the day. Q1 numbers were released yesterday with attributable profits down by around one third. As is typical only a handful of trades have been placed on the day but the sentiment was far from positive.
