Stock markets in the UAE have rebounded well following Monday’s sell-off. Benchmark equity indices remain down on the week, but that 2.3% rise for the DFMGI was notable whilst the FADGI added back 1.2%.
- Ghitha +6.2%
- Al Dar Properties +6.1%
- Commercial Bank of Dubai -4.1%
Ghitha was the day’s biggest riser, making some headway following Monday’s test of all time lows. Volumes have been relatively stable since the publication of half year earnings at the end of July, but despite the upbeat undertone here, positive sentiment has been lacking. The stock added 6.2% on Tuesday.
Al Dar Properties was in second place, up 6.1% in line with many sector peers. The stock had a very strong run last month, culminating in the release of interim earnings news. These showed profits up 57% but also acted as a signal for some investors to book profits. Today’s buying interest has seen a heightened level of trade being reported.
Commercial Bank of Dubai was the biggest faller amongst the large cap stocks, down 4.1% on the day. Again there’s no specific news here and this does extend recent losses, the stock is sitting back at the 6.04Dhs level that has provided support repeatedly over the last few months. Volumes were unremarkable.
