UAE equity markets have started the first full week back of 2025 on a strong footing, coinciding with gains for regional oil markets amidst Chinese stimulus hopes. The Dubai benchmark ended the day up by 1.25%, with Abu Dhabi’s equivalent close behind, up just over 1.1%.
- Multiply +6.5%
- Talabat +4.2%
- GFH Financial -4.1%
Multiply was a notable gainer amongst the large caps, adding 6.5% and returning to levels not seen since mid-November. There’s no news out here, but volumes were notably higher, although trade volumes do seem to have been limited across the board around the holiday season.
Talabat also made good headway, adding 4.2%. The company made its debut on the Dubai Financial Market last month and with a $2bn market cap was badged as the largest tech IPO of the year. However after coming to the market at 1.6Dhs, the stock fell over the next three weeks, reaching 1.4Dhs by late December. Momentum has however been building of late, with today’s move being backed by a marked increase in volumes.
GFH Financial was the biggest faller of the large caps, although the stock is traded on both the Dubai and Abu Dhabi exchanges. It was only the latter listing however – where volumes are far thinner – that displayed the erroneous price action. The Dubai listing showed the stock down a mere 0.8% on the day.
