Another day of gains for the benchmark UAE indices although the upside was relatively modest, with Abu Dhabi adding 0.1% whilst the Dubai equivalent was almost 0.5% higher.
- National Bank of Fujairah +15%
- RAK Properties +5%
- National Industrial Group -6.1%
National Bank of Fujairah was the biggest riser, adding 15% and triggering the ADX circuit breaker to limit any further gains. However volumes were very thin here and there’s no news – it appears that the absence of two way trade made the move so pronounced.
RAK Properties was in second place amongst the large caps, adding 5% on the day. There was a notable uptick in volumes, coinciding with industry comments that Ras Al Khaimah was set to be a bright spot in the UAE property market this year.
National Industrial Group was the biggest faller amongst the heavyweights on Tuesday, off 6.1% by the close. That’s a second successive day of meaningful losses as the stock continues to plot a course back to levels not seen in almost a year. Volumes were lower than observed at the start of the week, but remain notably elevated compared to December’s activity.