The major equity indices in the UAE saw a sluggish session despite more steady gains coming through for oil prices. Notably, the DFMGI posted its biggest daily loss for the month, dropping almost 30 points or 0.74%.
- RAKBANK +2.9%
- Abu Dhabi Commercial Bank +2.6%
- Multiply Group -3.9%
RAKBANK was the day’s biggest gainer amongst the large caps, adding 2.9%. The stock is typically thinly traded and whilst data from ADX shows just four orders were carried out today, they were for a collective volume of 400,000 shares. “Lumpy” trading like this can increase volatility although for the last six months the stock has been mostly trading in a channel of 5Dhs – 5.50Dhs.
Abu Dhabi Commercial Bank added 2.6% on the day. That reverses losses accrued since the start of last week, with yesterday proving to be a notably busy session. Again there’s no specific news here and it comes at a time when many global banks are on the back foot.
Multiply Group found itself back in focus on Wednesday with the stock retreating 3.9% in a brisk session of trade. That breaks the steady gains which have been posted since the middle of last week after the share traded down at levels not seen in almost two years. Multiply did announce an acquisition yesterday but it’s difficult to tie this news to the share price reaction.
