It’s been a mixed end to the week for benchmark UAE indices, with the Dubai DFMGI adding 0.1% whilst Abu Dhabi’s FADGI slipped 0.3%, shrugging off the enthusiasm being seen elsewhere across Asia as investors continue to cheer that Federal Reserve rate cut news.
- Ooredoo +7.2%
- Presight AI +4.3%
- Apex Investment -9.1%
Ooredoo was the biggest gainer of the large caps, adding 7.2% on the day. That reverses losses seen earlier in the week, but trading has been – as is typical – limited so it seems likely it’s the thin market conditions which are driving the agenda here, rather than something like news from a couple of days back of that partnership with Oracle.
Presight AI was up 4.3%. Again there’s no news here but volumes were reported as significantly elevated. This could however be read across from the material uptick seen for many US tech stocks as investors cheered that easing of monetary policy in the US.
And Apex Investment was the notable faller, off 9.1% although that comes off the back of a run of hefty gains for the company. Critically the question is whether this is just a bit of profit taking, or is the enthusiasm starting to wane – at least until we get the next news update out.
