The UAE’s benchmark stock indexes retreated during trading on Thursday, losing about 1% each. Notably, Abu Dhabi’s six-day losing streak at FADGI is the longest losing streak recorded since May.
Apex Investment +2.5% Parkin +2.1% Phoenix Group -5.5%
Apex Investments again topped the board with a modest 2.5% gain on Thursday. Following the strong performance seen in September, stock prices continue to hover near levels not seen in nearly two years. Although trading volumes have increased compared to yesterday, interest remains significantly subdued compared to the heightened activity levels reported last month.
Parkin rose 2.1% in a move that coincided with the company announcing it had signed a memorandum of understanding with Skyports to develop air taxi infrastructure in Dubai. While this is expected to add a new revenue stream to the company, the impact on the stock price will be relatively limited compared to some of the recent moves we’ve seen.
Phoenix Group fell 5.5%. Again, there is no news from the company, but the crypto conglomerate remains under pressure. The stock entered the market at the end of 2023 and quickly rose to Dhs2.50, but is currently testing an all-time low around the Dhs1.40 level. Are stubborn crypto prices holding back progress here?