With President Trump’s talk of the US economy sliding into recession, markets globally have been rattled and this time the UAE benchmarks are proving far from immune. The Abu Dhabi Index is down 0.6%, but the Dubai equivalent is off 1.7%, its biggest one day percentage fall since March 2024. That old line of when America sneezes the world catches a cold has never been truer.
- Emirates Telecom +2.5%
- Gulf Navigation +1.9%
- Pure Health -7.2%
Emirates Telecom was the biggest riser, adding 2.5% on the day. Volumes were notably elevated but beyond a note on Friday advising that a board meeting would be held on Wednesday, there’s no other news in circulation.
Gulf Navigation was the second biggest riser of the large caps, up 1.9%. The company issued a clarification today ahead of Thursday’s General Assembly meeting which highlighted some funding plans for acquisitions, seemingly helping to reverse some of the recent losses for the stock.
Pure Health was 7.2% lower today as the stock continues its run south. Having peaked at Dhs6 – almost double the IPO price, pressures have been relentless since and fears of global recession may be giving investors fresh cause for concern.
