Taqa's stock run takes a pause, but it still leads on market cap
Union Properties' is seeing some action as it edges closer to financial restructure
UAE equities posted a mixed performance with DFM rising 0.65 per cent and ADX slipping back into the red by 0.14 per cent.
For a change, Abu Dhabi National Energy Company (Taqa), closed 3.47 per cent lower for the day, which caps a glorious run that lifted it to the top of the UAE stock charts in terms of market capitalization. After Tuesday’s close, Taqa’s market cap stands at Dh156.28 billion, still enough to retain its number one standing.
The second largest company, Etisalat, has a market capitalization of Dh143.84 billion.
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Union Properties rallied by 5.92 per cent and Emaar Malls by 3.10 per cent for the day. It is worth noting that Union Properties is close to financial restructuring.
Arabtec had another off day, and the shares still seem to be reeling from company’s filing with the stock exchange, in which it informed that it had no material information to offer regarding the rally in share price. The price declined by 4.95 per cent Tuesday.
Overall, DFM and ADX, manage to hold above their 50- as well as their 100-day moving average.