Some solid gains were posted by the Dubai index on Thursday with the benchmark equity index adding around 0.85% although the performance in Abu Dhabi was rather less upbeat with the FADGI closing the day a fraction lower.
- Mashreqbank +4.9%
- Parkin +4.3%
- Agility Public Warehousing -4.9%
Mashreqbank was the biggest riser of the large caps, up 4.9% with the comparatively thinly traded bank continuing to extend its steady run of gains. Since the start of August, the company’s valuation is up by around 20%. News today showed that the institution had realised profits off the back of shares held as surety from a troubled borrower but the numbers here don’t seem to justify the scale of today’s gains.
Parkin the parking operator was in second place, up 4.3%. There’s no news here but interest in the stock has been keen with volumes notably elevated.
And Agility Public Warehousing was the biggest faller amongst the larger UAE listed companies as shares dropped 4.9%. Having posted some meaningful gains at the start of the week, price pressures have been in evidence since, although today’s losses only return the price to its recent lows. Investors will be watching to see if this forms a floor.
