It’s been a solid session for equities in the UAE on Tuesday with markets taking their lead from the performance seen on Wall Street. Both regional benchmark equity indices were more than 0.5% up on the day.
- National Bank of Umm Al Qaiwain +15%
- Agility Public Warehousing +5.9%
- RAK Properties +5.4%
- ADNOC Logistics -3.4%
National Bank of Umm Al Qaiwain was 15% higher on the day following moderately elevated volumes, finally allowing the share price to break above the 2.20Dhs level that has repeatedly provided resistance over the summer. There’s no sign of any fundamental driver here but the valuation is now at a five year high.
After being noted for losses on Monday, Agility Public Warehousing Company managed to post a meaningful reversion, adding 5.9%. Volumes were however unremarkable so this may be nothing more than value seeking following that sell-off.
Adding an extra mention for RAK Properties who advanced 5.4% on the day. From exchange data, they are now on the cusp of breaking back above the US$1bn market cap line that we set for inclusion in this report. There’s no news out but volumes were certainly significantly elevated.
And ADNOC Logistics is the notable faller, off 3.4%. That move comes after a run of recent gains propelled the stock to fresh all time highs, but again with no fundamental shift in evidence, profit taking may be the driver. Volumes were at the upper end of typical ranges for what is usually a well traded stock anyway.
