Equity markets in the UAE had a rather more subdued session after a strong run, with the fact crude oil prices are trading around levels not seen since early June likely taking the pace off a little. Abu Dhabi’s benchmark index advanced 0.1% but the Dubai equivalent was almost 0.6% lower.
- Q Holdings +12.5%
- Alpha Dhabi +9.4%
- Mashreqbank -7.2%
Investment company Q Holdings was the biggest gainer, up 12.5% on the day. Results were due to be published after the market close but a significant uptick in activity – the number of transactions recorded by the exchange was 10 times higher than seen in recent days whilst volumes were around 20 times higher – suggests that there’s confidence these numbers could impress.
Alpha Dhabi added 9.4% on the day, leaving it in second place for the large caps. This time the company is scheduled to provide an earnings update after the close tomorrow. Volumes were recorded as slightly higher than recent averages but far from remarkable.
Mashreqbank was the biggest faller, off 7.2%. That however comes off the back of recent meaningful gains by the stock in the wake of last week’s posting of Q2 profits which came in higher than expected.
