Positive momentum continued for UAE equity markets on Tuesday, with the Dubai benchmark adding just under 0.5% whilst gains in Abu Dhabi were a more measured 0.1%.
- Talabat +6.8%
- Tecom +4.4%
- Salik -1.6%
Talabat was one of the best performing large caps on Tuesday, advancing 6.8%. We flagged gains for the newly-IPO’d stock in yesterday’s update as well and momentum remains strong here with the underlying price having breached the 1.60Dhs sale level for the first time since its debut during the day. There’s no news here but volumes again remain elevated.
Tecom also had a good day amongst the larger companies, adding 4.4% and testing all time highs in the process. Again. There’s no specific news showing but broad-based optimism over the commercial real estate market could be helping here. Volumes were elevated but far from appearing as an outlier.
At the other end of the board, road toll operator Salik was trading down 1.6% on the day. Volumes were typical and the slight move lower here needs to be taken in context of the c. 15% gain posted over the last few weeks.
