Market uncertainty is prevailing globally after yesterday’s rout in the US but some pockets of stability are emerging. On Tuesday, the Dubai benchmark equity index closed 0.6% higher whilst the Abu Dhabi equivalent eased just over 0.1%.
- Multiply Group +4.1%
- Emaar Development +3%
- National Bank of Umm Al Qaiwain -4.4%
Multiply Group was the biggest riser of the large caps, adding 4.1% and extending the recent run of gains in a brisk day of trade. There is a story unfolding here with a bidding war reported as breaking out for a cooling business that is part of the Multiply portfolio although detail beyond this is limited.
Emaar Development was in second place, up 3% again in a day of notably higher than usual trading volumes. The share price had been squeezed in the immediate reaction to Trump’s tariffs but is now regaining ground and the prospect of the US President pushing through rate cuts also has the potential to boost the real estate sector.
National bank of Umm Al Qaiwain was the biggest faller, off 4.4% on the day although as we noted, yesterday’s gains were off just one trade being booked, resulting in pricing being skewed. Volumes were slightly higher today but still of little note.
