It has been another down day for UAE equity markets with those waning hopes of a US quick rate cut dragging on sentiment globally.
- Phoenix Group +4.8%
- RAKBANK +1.9%
- TAQA – 6.9%
- Pure Heath -5.8%
Phoenix Group ended the week with a flourish, clawing back some of those recent losses which saw the share price slide from 2Dhs on Monday down to 1.60Dhs by mid-session on Thursday. There’s no news to explain the sell-off but today’s 4.8% advance does lift the stock some 10% off the lows. Volumes have been notably elevated in recent days.
RAKBANK also fared well, adding 1.9%. Again, there’s no news out but the stock did see a notably higher level of trades being executed.
TAQA was one of the biggest fallers amongst the large caps, down 6.9%. That caps a week of losses for the Abu Dhabi National Energy Company, with the shares currently trading down around 10% from Monday’s levels. The company is currently navigating a potentially complex acquisition in Spain and volumes on the day were again notably elevated.
Pure Health traded 5.8% lower on the day, taking losses for the week to almost 13%. The company has struggled since IPO at the start of the year which saw shares list at 3.26Dhs a share. The National reports that the offer was 483 times oversubscribed and the stock rallied as much as 77% on its debut. Even taking into account the latest bout of selling, the stock remains just above the IPO level.
