It was another down day for markets in the UAE with a deteriorating geopolitical outlook in the Eastern mediterranean combining with lacklustre sentiment on Wall Street. The Dubai benchmark equity index retreated almost 0.6% whilst losses in Abu Dhabi were evident but less pronounced at around 0.2%.
- EMSTEEL Building Materials +6.3%
- Multiply Group +4.7%
- TAQA -9.4%
EMSTEEL was the biggest riser, up 6.3% on the day. After languishing around two year lows, shares broke higher today in the wake of elevated trading volumes and that comes off the back of news that the Abu Dhabi Fund for Development was in talks regarding export financing with the business. The collaboration here could help boost EMSTEEL’s fortunes.
Multiply Group also saw gains, adding 4.7% on the day. There’s no news that’s public here, but has a portfolio company impressed? Traded volumes were certainly elevated, sitting at well over double the recent average according to exchange data.
And TAQA – the Abu Dhabi National Energy Company of which Multiply Group coincidentally have a 7.3% holding – was the worst performer of the large caps. However that looks to be a reversal of yesterday’s gains which came at the end of a close on 30% rally last month. Volumes were far from unusual unlike the significant jump posted on Monday.
