Global market sentiment was generally subdued today, with two main factors seen as holding positions at the end of the quarter and a strong week of US data. In the UAE, both Dubai and Abu Dhabi benchmarks fell by about 0.4%.
TAQA +11% Abu Dhabi National Hotel +4.7% Dubai Financial Market -3%
Abu Dhabi’s national energy company TAQA was the biggest gainer on the day, rising 11%. This pushed the stock to a six-month high on what was reported to be a very busy day of trading on the exchange. Although there is no news announced today, a Memorandum of Understanding was signed late last week with two major European companies to find solutions to provide affordable access to clean water in emerging economies.
Abu Dhabi National Hotels also performed well among mostly large-cap stocks, increasing by 4.7%. The company confirmed in a filing that it plans to list a 40% stake in its catering division on the market in late October.
Exchange operator Dubai Financial Market was the biggest decliner among large-cap stocks on Monday, closing down 3%. The move comes on the heels of the company’s strong rally last week, culminating in a very busy trading session on Friday, with the stock breaking out of a recently formed range. For context, the ratings for the month have not changed.