Defying the pessimism seen on many of the world’s other major stock exchanges, UAE stock indexes continued their upward trajectory. The benchmark Abu Dhabi Index rose by just over 0.15%, but Dubai’s DFMGI’s 1% gain was certainly noteworthy.
Mashreqbank +5.1% Emirates NBD +3.1% Agility Public Warehousing -2.7%
Mashreqbank was the biggest gainer, rising 5.1%. We’ve noted that this stock has low trading volume in the past, but trading volume today was well above normal levels. The company reported second-quarter earnings after the close last night, and a small increase in profits was enough to push the stock well above its recent range.
Emirates NBD came in second, rising 3.1%. Known as the second-largest bank in the UAE, the bank has performed well recently and is currently trading 16% higher than its low in May 2024. Trading volume for this stock has increased significantly throughout the week.
Agility Public Warehousing was the biggest loser among large caps, dropping 2.7% on the day. As there was no news for this stock and trading volume is typically light for this stock, the drop merely reversed the gains recorded on Thursday.