It was another day of gains for benchmark equity indices in the UAE but once more the upside can be best described as measured, with Abu Dhabi notably pulling back from mid-session highs.
- Ooredoo +7.6%
- Presight AI +3.8%
- Alpha Dhabi -4.1%
Telecoms operator Ooredoo was the biggest riser of the large caps, adding 7.6% on the day. Whilst there was some news out – notably related to an advisory that the company would be publishing full year results in mid-February – this in itself doesn’t really deliver much price impact. However this is a relatively thinly traded stock.
Presight AI added 3.8%, pushing the share price to levels not seen in almost four months and aggregate gains since the end of last year now stand at 20%. The stock typically sees reasonable levels of trade each day, but there was a notable uptick in Thursday’s session. There has been renewed interest around Artificial Intelligence of late with the new US president committing significantly to the industry.
Alpha Dhabi was the biggest faller of the $1bn+ company cohort, off 4.1% on the day. Activity was slightly elevated but the move lower does come off the back of some notable gains which have been posted of late. Last week, the stock tested levels not seen in almost six months. In the absence of other news, this does just look like profit taking.