UAE equity indices continued to forge a path higher, shrugging off the pessimism that is being seen across many other major bourses globally. Whilst the benchmark Abu Dhabi equity index added just over 0.15%, the 1% advance for Dubai’s DFMGI was certainly notable.
- Mashreqbank +5.1%
- Emirates NBD +3.1%
- Agility Public Warehousing -2.7%
Mashreqbank was the biggest riser, up 5.1%. We have noted previously that this is a thinly traded stock but volumes were significantly above usual levels today. The company posted Q2 earnings news after the close last night with a modest increase in profits being sufficient to drive the stock meaningfully above its recent range.
Emirates NBD was in second place, up 3.1%. What is noted as being the UAE’s second largest bank has had a strong run of late and is now trading 16% above the May 2024 lows. The number of trades placed in the stock has been notably elevated all week.
Agility Public Warehousing was the biggest faller of the large caps, down 2.7% on the day. There’s no news in play here and the stock typically only sees thin volumes being traded so the losses here simply reverse the uptick posted on Thursday.
