A bumper start to the week for Asian markets amidst Fed rate cut hopes seemingly provided some momentum to help UAE equity indices continue their march higher. The DFMGI added 0.65% whilst the FADGI rose by 0.83%, taking both benchmarks back to levels not seen since the first quarter of the year.
- First Abu Dhabi Bank +6.4%
- Ghitha +5.9%
- Agility Public Warehousing -2.3%
First Abu Dhabi Bank was up 6.4% on the day in a busy day of trade. Last week’s upbeat earnings release provided little market impact but the valuation may now be catching up. Volumes and average trade sizes were also meaningfully higher than have been seen of late.
Ghitha added 5.9% on the day. Volumes were unremarkable but the company did record a sharp uptick in profits at the end of last week, which is continuing to lend support to the general theme of upward momentum that has been in play for the last few weeks.
The Dubai listing of Agility Public Warehousing was 2.3% lower on the day, making it the worst performer of the large caps. This is typically a thinly traded stock and today was no different. There’s no news out to suggest fundamentals were driving the price change.
