Equity markets across the globe have ended the week with sellers dominating. Japan’s Nikkei index lost almost 6% so the declines on both the Abu Dhabi and Dubai benchmark equity indices – down 0.8% and 1% respectively – look tame in comparison.
- Ooredoo +2%
- TECOM Group +1.8%
- National Bank of Umm Al Qaiwain -6.4%
In terms of the large cap risers on the day, Ooredoo added 2%. Interim results published earlier in the week did little to drive the underlying share price at the time, but there has been some media narrative today regarding the likely upbeat outlook for the mobile telecoms sector in the region.
TECOM Group also fared comparatively well, adding 1.8%. The company reported its interim results this morning with H1 profits adding 24% thanks to both growing rental prices and occupancy levels in its business districts. Volumes were at the upper end of recently posted ranges, too.
National Bank of Umm Al Qaiwain was the biggest faller, off 6.4% but this is a thinly traded stock so instead we’ll look at GFH Financial, down 4.1% on the day amidst notably higher than normal volumes. Shares hit all time highs at the start of the week.
