Wednesday saw gains for both major UAE equity indices but once again the performance in Dubai notably outstripped the Abu Dhabi equivalent.
- Salik +6.8%
- Phoenix Group +6.3%
- Mashreqbank -2.4%
Toll gate operator Salik was the best performer amongst the large cap companies on Wednesday, posting gains of 6.8% on the day. There’s no news out here but volumes were notably elevated.
Phoenix Group is back in focus, adding a further 6.3% after its rocky start to the week. Volumes remain elevated but continue to normalise after the volatility posted earlier in the week.
Mashrequbank was the big faller, off 2.4%. Q3 financials were published last night and despite a 9% jump in pre-tax profits helped by improved income from loans, investors used this as a trigger to book some profits after the stock traded up at all time highs earlier in the week.