Both Dubai and Abu Dhabi’s benchmark equity indices found support on Tuesday, tracking the gains seen in east Asian markets.
- National Marine Dredging +6.4%
- Dana Gas +2%
- Emirates Islamic Bank -9.6%
National Marine Dredging was the biggest riser of the large caps, up 6.4% on the day. The move extends the gains which started to emerge during Monday’s session and the stock now trades back at levels not seen since May.
Dana Gas is back in focus, locking in yesterday’s gains and advancing by a further 2%. That made for the second consecutive day of elevated interest in the stock, with more than 500 on exchange transactions again being recorded. Shares closed at levels not seen in more than six weeks.
Emirates Islamic Bank was the biggest faller, with shares off by 9.6%. It’s worth noting that this stock frequently sees little activity despite its $9bn market cap. Data from the DFM shows only one trade having been conducted to result in the dramatic move.
