Despite a disappointing start to the week’s trade further East in Asia as markets reacted to downbeat Chinese manufacturing data, benchmark equity indices in the UAE found support, with the DFMGI adding 0.7%, whilst the FADGI added 0.8%. Hopes of a quick US rate cut were seen as a key driver of sentiment.
- National Marine Dredging +14.6%
- Emaar Properties +3.2%
- Alef Education -3.2%
National Marine Dredging saw a bumper start to the week with shares advancing by 14.6% on the day. That extends the gains seen at the end of last week after the company received the necessary approvals to IPO its Energy division. The deal will be worth more than 3.2bn Dhs and the subscription period closes on Wednesday.
Emaar Properties was 3.2% ahead. There’s no recent news out from the company however, although the prospect of lower interest rates could serve to boost property valuations further.
Alef Education was a notable faller amongst the large caps on Monday, with shares off 3.2%. Whilst the chart for the share price looks volatile, this remains a relatively newly issued stock although traded volumes have been increasing notably in recent days.
