It was another down day for UAE markets, as the deteriorating geopolitical outlook in the Eastern Mediterranean combined with weak Wall Street sentiment. Dubai’s benchmark stock index fell by almost 0.6%, while Abu Dhabi’s decline was clear but less pronounced at around 0.2%.
EMSTEEL Building Materials +6.3% Multiply Group +4.7% TAQA -9.4%
The biggest gainer was EMSTEEL, which rose 6.3% on the day. After languishing at a nearly two-year low, the stock rose today on increased trading volume. This follows news that the Abu Dhabi Development Fund is in talks with the company for export financing. Cooperation here could help boost EMSTEEL’s fortunes.
Multiply Group also rose, rising 4.7% on the day. There’s no public news here, but are portfolio companies impressed? Trading volumes have certainly increased and are well above double the recent average, according to exchange data.
And TAQA (Abu Dhabi National Energy Company), which coincidentally has a 7.3% stake in Multiply Group, was the worst performer among large-cap stocks. However, this appears to be a reversal of yesterday’s rally, which saw the stock close 30% higher last month. Volume was by no means unusual, unlike the large increase recorded on Monday.
