It was a slow start to the week for equity indices in the UAE with both Abu Dhabi and Dubai benchmarks finishing the session little changed. That mirrors Friday’s performance on Wall Street, rather than the more upbeat tone we saw set across many East Asian markets on Monday.
- Ghitha +11.6%
- Apex Investment +8.2%
- Al Dar Properties -3.3%
Ghitha is the biggest riser, with the stock adding 11.6% on Monday. The stock tested all time lows ahead of the weekend break, so today’s move simply serves to reverse that and the comparatively thin volumes suggest that this may have been some investors seeing a bargain down at these depressed levels.
Apex Investment was 8.2% higher in second place, with the stock once again moving higher after that pause for breath at the end of last week. The price is once again above 4 Dhs, double the level seen less than four weeks ago and volumes remain elevated, emphasising the interest that investors are showing in the company.
Al Dar Properties was the biggest faller of the large caps, down 3.3%. The share price rose last week in the wake of JV news pushing beyond the 8 Dhs level for the first time. Volumes are normalising after the elevated interest seen last week but again the reversion needs to be seen in the context of recent gains.
