A.SREENIVASA REDDY (ABU DHABI)
Abu Dhabi Securities Exchange (ADX) traded in positive territory on Tuesday over the upcoming US rate cut even as the Dubai Financial Market (DFM) reported a flat trading.
The general index of ADX (FADGI) saw a rise of 0.409 percent to reach 9427.71 points. It reported a total of 24,173 trades involving 351 million shares with a total value of Dh1.33 billion.
The trading session saw prices of 43 companies rise, while 19 companies experienced a decline. Additionally, 17 companies closed unchanged compared to their previous closing prices. The market capitalisation of listed companies at ADX reached Dh2.874 trillion.
Apex Investments, Alpha Dhabi Holding, Multiply Group and Abu Dhabi Islamic Bank (ADIB) are among the prominent gainers while Abu Dhabi National Company for Building Materials (BILDCO), Fujairah Cement Industries (FCI), Easy Lease Motor Cycle Rental and International Holding Company (IHC) are among the prominent losers in the stock market on Tuesday.
In the Dubai Financial Market (DFM), the general index (DFMGI) was down by a marginal 0.001 percent to close at 4,395.2 points. The trading session witnessed 10,438 trades involving 136 million shares with a total value of Dh265 million. Combined market capitalisation of listed companies at DFM reached Dh736 billion at the end of the trading.
The trading session saw prices of 12 companies rise, while 25 companies experienced a decline. Additionally, eight companies closed unchanged.
Dubai National Insurance and Reinsurance (DNIR), Spinneys and Salam Bank are among the top gainers while Drake and Scull International (DSI), Union Properties (UPO) and Agility Warehousing Company are among those who experienced declines.
Elsewhere in the region, Saudi Arabia's benchmark index (TASI) gained 0.2 percent, helped by a 3.1 percent rise in aluminium products manufacturer Al Taiseer Group.
Among other gainers, Saudi Arabian Mining Company jumped 6.6 percent, a day after it signed a non-binding agreement with Aluminium Bahrain (Alba) to pursue a potential business combination that would create a global powerhouse.
On Sunday, US-based aluminium maker Alcoa said it would sell a 25.1 percent stake in its joint venture with Ma'aden to the company for about $1.1 billion in cash and stock.
The Qatari benchmark (QSI) dropped 0.4 percent, while Qatar Islamic Bank and sharia-compliant lender Masraf Al Rayan declined 1 percent each.
In Bahrain, the index (BAX) advanced 3.8 percent, buoyed by a 20 percent surge in Alba. Outside the Gulf, Egypt's blue-chip index (EGX30) fell 0.3 percent, with Commercial International Bank losing 0.5 percent.