The week has started with equity markets globally being hammered as investors fret over the prospect of recession in the US. The UAE has been no different, with benchmark indices in both Dubai and Abu Dhabi posting significant losses. The FADGI was down 3.4% whilst the DFMGI dropped by 4.5%.
- National Bank of Umm Al Qaiwain +6.8%
- Ooredoo +3%
- Agthia -10%
The National Bank of Umm Al Qaiwain was the biggest gainer, jumping 6.8% on the day although as is typically the case with this stock, order flow was very limited. There’s nothing out in terms of fundamentals to explain the gains and the move simply reverses the losses posted on Friday.
Ooredoo was up 3%, extending the gains seen in the latter part of last week. Again however this stock sees limited levels of transactions on a daily basis so it’s difficult to read much into this. The gains compared with the backdrop elsewhere however are notable.
Agthia was the biggest faller of the large caps, off 10%. The stock tested fresh all time highs just over a week ago as investors welcomed news that the company was expanding into overseas territories but the global market rout is extending downside pressure here.
