Global market sentiment has been generally subdued today, with quarter end position keeping and a data heavy week out of the US seen as two key drivers. In the UAE, both the Dubai and Abu Dhabi benchmarks retreated by around 0.4%.
- TAQA +11%
- Abu Dhabi National Hotels +4.7%
- Dubai Financial Market -3%
TAQA, the Abu Dhabi National Energy Company, was the biggest riser, adding 11% on the day. That’s has pushed the stock to six month highs with a very busy day of trade reported on exchange. There’s no news out today but late last week an MoU was signed with two major European companies in a bid to find a solution to providing affordable access to clean water in emerging economies.
Abu Dhabi National Hotels also fared well almost the large caps, adding 4.7%. The company confirmed in a filing that it planned to list 40% of the shares in its catering division on the market later in October.
The exchange operator Dubai Financial Market was the biggest faller of the large caps on Monday, trading 3% lower at the close. That move comes off the back of some strong gains for the company last week – culminating in a very busy session of trade on Friday – which saw the share price break out of the recently formed range. For context, the valuation is unchanged on the month.
