A.SREENIVASA REDDY (ABU DHABI)
The UAE markets traded in positive territory on Monday following optimism over the impending rate cut by the US Federal Reserve.
The general index of ADX (FADGI) saw a rise of 0.417% to reach 9389.31 points. It reported a total of 20,476 trades involving 304 million shares with a total value of Dh1.1 billion.
The trading session saw prices of 35 companies rise, while 33 companies experienced a decline. Additionally, eight companies closed unchanged compared to their previous closing prices. The market capitalisation of listed companies at ADX reached Dh2.856 trillion.
Apex Investments, International Holding Company (IHC) and Multiply Group are among the prominent gainers while Alpha Dhabi Holding, NMDC Group and NMDC Energy are among the prominent losers in the stock market on Monday.
In the Dubai Financial Market (DFM), the general index (DFMGI) was up by 0.337% to close at 4,364.87 points. The trading session witnessed 10,011 trades involving 176 million shares with a total value of Dh330 million. Combined market capitalisation of listed companies at DFM reached Dh736 billion at the end of the trading.
The trading session saw prices of 20 companies rise, while 22 companies experienced a decline. Additionally, six companies closed unchanged.
Dubai Taxi Company (DTC) advanced 7.5%, extending gains from the previous session. The taxi operator on Friday announced the company had been awarded 300 new plates, expanding its fleet, at the latest auction held by Dubai's Roads and Transport Authority.
Drake and Scull International (DSI), Salik and Emaar Development are among the prominent gainers while EmiratesNBD, BHM Capital, Shuaa Capital are among those who experienced declines.
Elsewhere in the region, Saudi Arabia's benchmark index (TASI) dropped 0.3%, hit by a 1.7% fall in Alinma Bank and a 0.2% decrease in Al Rajhi Bank.
The Qatari benchmark (QSI) eased 0.1%, with Qatar Islamic Bank (QISB.QA) losing 0.3%. The Qatari stock market saw limited movements, as investors in the region await this week's central banks meetings.