UAE equity markets resumed trading today after the long holiday weekend marking National Day. Modest gains were seen on benchmark equity indices in both Abu Dhabi and Dubai. The Abu Dhabi Exchange has taken the down time as an opportunity to load up a new, slick website.
- National Bank of Umm Al Qaiwain +14.9%
- Parkin +5%
- Emaar Development -3.1%
National Bank of Umm Al Qaiwain was the biggest riser of the large caps, adding 14.9% on the first day of the shortened trading week. As with many banks in the region, volumes are typically thin although a comparatively high number of trades were reported on Wednesday. There’s no news out but a routine board meeting that had been slated for last week was rescheduled and will now take place tomorrow. Matters under discussion should have no impact on the share price.
Parkin added 5% as the Dubai parking operator extended the gains from before the holiday weekend. That was off the back of news that a new flexible parking tariff had been approved by local regulators, a move that should serve to bolster revenues from next year.
Emaar Development was lagging amongst the large caps, down by 3.1%. Again, that extends the move seen on Friday and although there are no fundamentals out to support the selling, the stock did have a strong run last month, adding more than 20%.
