The modest losses posted by UAE bourses on Thursday contrasted with the broad-based gains seen at a global level.
- Ooredoo +6.8%
- Apex Investment +5%
- Agility Public Warehousing -5.6%
Ooredoo was the biggest riser on Thursday, adding 6.8% and coming close to testing highs that haven’t been seen in almost 10 years. The only news in play was being reported by Reuters from the company’s Omani unit, where Q4 revenues had slipped but there was a significant jump in profits, reflecting higher margins. However this is a thinly traded stock and today was no exception there – the gain may well simply be a function of transactions rather than a shift in sentiment.
Apex Investment added 5%, breaking through resistance which was observed on a few occasions last year, with the share price now sitting at September ’22 levels. There’s no news here but a sharp increase in interest for the stock was noted, with elevated volumes transacted.
Agility Public Warehousing was the biggest faller of the large caps, off 5.6% on the day. This starts to reverse the close on 25% gains seen for the stock since the start of the year but there’s no news out. In a relatively active session, this sell-off may well be attributed to some opportunistic profit taking by those who have ridden the stock higher.
