Both the Abu Dhabi and Dubai equity indices drifted lower on Wednesday despite a strong performance in Asia and a rebound in crude oil prices.
- Mashreqbank +6.8%
- National Bank of Umm Al Qaiwain +6.8%
- Q Holding -6.6%
A brace of banks were leading the large caps in terms of performance today with Dubai-listed Mashreqbank adding 6.8% and recovering most of yesterday’s losses in the process. Volumes were limited but a few investors did appear to be dipping in, spotting value after that sell-off.
National Bank of Umm Al Qaiwain was also 6.8% ahead of the day. The Abu Dhabi listed lender frequently sees days of very limited trade and this session has been no different. However the stock is testing a close on five year high and a breakout here would be interesting to watch.
And Q Holding was the biggest faller of the large caps. The share price rallied hard yesterday ahead of the release of earnings news but in another day of elevated trading volumes, investors were evidently out to book profits. Recent acquisitions make the underlying performance hard to quantify from the available data but assets have more than trebled since the start of the year.
