Tuesday saw a second successive day of bumper gains for the Dubai benchmark equity Index, up a further 1.3%, whilst the Abu Dhabi equivalent advanced by 0.7%.
- National Bank of Fujairah +10.8%
- Gulf Navigation Holding +8%
- Ghitha -4.7%
National Bank of Fujairah was topping the board amongst the large caps, up 10.8% on the day. However as is often the way with banking stocks in the region, transactions here were reported as being very limited. Not much to read into this.
Gulf Navigation Holding was 8% higher on the day. The stock was hit 10 days ago as the market reacted negatively to Q3 numbers, despite a 26% increase in revenues. Although investor enthusiasm now appears to be returning, thinner volumes than we have seen in recent days could be exaggerating the move.
Ghitha is the biggest faller, off 4.7% and taking the share price back to the lows we saw posted at the start of the month. Whilst volumes today were noted as being unexceptional, exchange data showed these being split across a greater number of traders.
