Equity markets in the UAE had a positive session, bucking the trend being seen elsewhere across the globe. Benchmark indices in both Dubai and Abu Dhabi advanced by around 0.3%.
- Mashreqbank +5.5%
- Alpha Dhabi +2.8%
- Presight AI -2%
Mashreqbank was the biggest gainer of the large caps, up 5.5%. Trade was however limited in the stock but momentum has been building since April and the price is re-testing the all-time highs achieved at the start of the year.
Alpha Dhabi was in second place, up 2.8%. There’s no fresh news out here but last week the company announced news of a disposal and the share price does appear to have been working its way higher off the back of this. Volumes for the day were notable, coming in at the upper end of recent ranges.
Presight AI was a notable faller amongst the large caps. AI stocks in the US appear to be coming under a degree of pressure now following their stratospheric race higher and with earnings season for those large tech firms moving closer, the wider industry is under scrutiny. Presight AI shares closed 2% down on the day.
