Modest losses were posted on the headline equity indices in both Dubai and Abu Dhabi on Tuesday with investors potentially perturbed by the global outlook which is hanging very much on the forthcoming US reporting season.
- Phoenix Group +3.1%
- National Central Cooling +2.6%
- ADNOC Logistics -3.1%
Phoenix Group saw another session of strong gains, up 3.1% and leading the large caps. The stock saw another elevated day of interest, adding to the uptick seen on Monday. There’s no explicit news behind the move but the stability in BTC prices could offer some support here.
National Central Cooling was 2.6% higher on the day. The company announced yesterday that it had appointed a market maker to provide increased liquidity in the company’s stock. The share price has now broken out of the recently traded range and volumes were notably elevated. The test will be whether the extended interest can be sustained.
ADNOC Logistics was down 3.1% on the day. The stock recently tested all time highs but an absence of newsflow seems to have cooled support for the company. News earlier in the month that it was to acquire two Very Large Ammonia Carriers lifted prices, but support has been difficult to sustain since.
