A mixed start to the week with modest gains posted on the Dubai benchmark equity index countered by some small losses in Abu Dhabi, reflecting the broadly subdued start seen across most Asian markets.
- Phoenix Group +5.7%
- Agility Public Warehouse +3.4%
- Dana Gas +3.2%
Phoenix Group was the biggest riser, adding 5.7% on the day. The stock did spend last week bouncing off all time lows. There’s no news in play but the recent gains for digital assets could be lending some support for the crypto miner.
Agility Public Warehouse was in second place, up by 3.4%. This thinly traded stock is essentially just reversing Friday’s losses but has at least now comprehensively pulled back from recent lows.
A note for Dana Gas as well, up 3.2% on the day. There’s no direct news here but the formation of a new government in Kurdistan may provide some headway for Dana-Gas operated gas fields in the region. Volumes were notably elevated.
