Thursday provided a mixed backdrop for UAE equity indices with gains of just over 0.1% being seen on Abu Dhabi’s FADGI whilst the DFMGI in Dubai slipped by almost 0.7%.
- Gulf Navigation Holding +2.9%
- TAQA +2.7%
- Parkin -6%
Gulf Navigation Holding was the biggest riser of the large caps, up by 2.9%. There was a corporate filing last night but this only promised a further update from directors by the start of next week. This does take cumulative gains over the last three trading sessions to almost 10%, but volumes were recorded as being particularly low for the session.
TAQA was in second place, up by 2.7%. The Abu Dhabi National Energy Company has seen the stock make reasonable progress in recent days and volumes for the session were significantly higher than has been seen of late. There is however no news visible to support the move.
Parking operator Parkin saw some notable downside pressure today, a move that comes off the back of significant gains after new parking tariffs were approved late last week. Volumes are starting to normalise but today’s 6% sell off could just be seen as some opportunistic profit taking off the back of the 20% uplift that was seen across the holiday weekend.
