It was something of a mixed start to the week for UAE markets with modest gains on the Abu Dhabi benchmark equity index contrasting against losses in Dubai, despite further appreciation being seen for oil prices.
- Pure Health Holding +9.3%
- Multiply Group +6.4%
- Commercial Bank of Dubai -5.8%
Pure Health Holding is back in focus with some notable gains being recorded on Monday. The stock added 9.3%, returning to the 4Dhs level for the first time in almost two months. As we have noted previously, downside pressures here belie the upbeat profit news posted in early May, but stock transactions on the day were also notably higher. The share price move does coincide with the company’s first inclusion in the Forbes top 100 listed companies in the Middle East which was published yesterday, although other stocks taking this title haven’t fared as well.
Multiply Group also fared well, adding 6.4% on the day. There’s seemingly no news being reported here and volumes were far from abnormal, although transaction levels did come in towards the upper end of the recently reported range. Shares may be trading back above 2Dhs for the first time in almost two weeks, but it’s still a long way back to the levels around 3.2Dhs seen at the start of the year.
Commercial Bank of Dubai gave back its gains of a week ago although it’s worth noting that despite the $5 billion market cap, this is a very thinly traded stock and as such can be susceptible to large moves. The bank slipped 5.8% on the day, returning to the 6Dhs level which held for much of February.
