Major UAE indices tracked East Asian markets lower on Thursday, with Dubai’s DFMGI closing down almost 0.6% whilst Abu Dhabi’s FADGI settled around 0.3% lower.
- RAKBANK +2.9%
- Ghitha +2.6%
- Agility Global -4.1%
RAKBANK was the best performer of the large caps. However this is typically a thinly traded stock that resides in a tight range. The recent breakout pushes prices back just beyond a recent resistance level but there’s no apparent fundamental driver in play.
Ghitha was in second place, up 2.9%. That comes after the stock’s failed attempt at a rally at the start of the week. Traded volumes look unusual but the market may be attempting to factor in the recent news that Ghitha is to buy a controlling interest in Fujairah’s International Food Industries.
Agility Global was the big faller, down 4.1% on the day. Again no fundamental news here, but this does reverse gains seen over the last week.
Apologies for the interruption in service over the last few days. Hopefully this has now been resolved.
