We’re seeing modest gains for UAE equity markets on Tuesday, in keeping with a broadly optimistic mood for stocks globally. The Abu Dhabi benchmark added 0.2% whilst the Dubai equivalent gained just under 0.4% on the day.
- Multiply +4.1%
- Phoenix +3.8%
- National Bank of Umm Al Qaiwain -1.8%
Multiply Group added 4.1% on the day in the busiest session of trade seen for some weeks. The company has recently announced it is working with Al Arabia Outdoor Advertising on a number of projects with a potential global reach, but whether this can justify today’s gains would seem debatable.
Phoenix Group was 3.8% higher. Volumes were unremarkable and there’s no news in evidence but with bitcoin having retaken the $110k mark and with pro-crypto sentiment being bolstered further in the US, investors arguably continue to find value in Phoenix as the share price continues to recover from last year’s sell-off.
National Bank of Umm Al Qaiwain was the biggest faller of the large caps, down by 1.8%. However there’s no news here and with limited orders being placed on the exchange, the stock, as with many banks in the region, often shows elevated levels of price action which are more likely explained away by limited liquidity.
