Markets in Dubai and Abu Dhabi may have rounded out the final session of the week with some modest gains, but that’s overshadowed by broader losses. This week saw the DFM General print a closing level below 4,000 for the first time this year, whilst the ADX General also tested lows not seen since early 2022.
- Phoenix Group +3.9%
- Emirates Telecom +3.9%
- Ghitha -3.3%
Shares in Emirates Telecom have made a notable turn around over the last few days after testing all time lows just under the 15Dhs level earlier in the week. This appears to have driven some bargain hunting and traded volumes on Friday were reported as being significantly elevated, around five times higher than seen in a typical day. Shares closed up 3.9% on the day.
Phoenix Group also advanced 3.9%, with the stock continuing to plot a somewhat erratic course. The last couple of weeks have seen the share price range between 1.70Dhs and 2Dhs but there’s little to explain the move and it also belies the fact that crypto prices are looking stable to higher right now.
Ghitha was the biggest faller of the large caps, down 3.3% on the day. Again there’s no news out here but the stock does seem to have found support around these levels on a number of occasions over the last 12 months or so. Traded volumes were in line with those typically recorded in recent days.
