A.SREENIVASA REDDY (ABU DHABI)
ADNOC Drilling Company and Alpha Dhabi Holding saw their share prices rise by 2.34% and 6.72%, respectively, on Tuesday after their joint venture, Enersol, agreed to acquire a 95% equity stake in Deep Well Services (DWS) for about $223 million, including performance-based payments.
Founded in 2008, US-based DWS specialises in several advanced technologies and services within the energy sector.
On the whole, the UAE stock markets reported strong positive trading on Tuesday after several days of flat and negative trading.
The general index of the Abu Dhabi Securities Exchange (ADX) — FADGI – saw a good rise of 0.57% to reach 9383.93 points.
It reported a total of 22,743 trades involving 326 million shares with a total value of Dh1.078 billion. The combined market capitalisation of all ADX-listed companies reached Dh2.894 trillion.
The trading session saw share prices of 42 companies rise, while 25 companies experienced a decline. Additionally, 16 companies closed unchanged compared to their previous closing prices.
Julphar (+10 49%), Fujairah Building Industries (+10.32) and Abu Dhabi National Company for Building Materials (+6.52%) are among the prominent gainers while Bank of Sharjah (-2.23%), ADNOC Gas (-1.83%) and AGTHIA Group (-1.17) are among the losers in the stock market on Tuesday.
In the Dubai Financial Market (DFM), the general index (DFMGI) rose by 0.203% to close at 4,594.53 points. The trading session witnessed 10,210 trades involving 209 million shares with a total value of Dh309 million.
The trading session saw prices of 21 companies rise, while 21 companies experienced a decline. Additionally, seven companies closed unchanged. The combined market capitalisation of all DFM-listed companies reach Dh759 billion.
Takaful-Emirates (+14.61%), SHUAA Capital (+10.00%) and National International Holding (+8.73%) are among the top gainers while Orascom Construction (-10%), Dubai Refreshment Compay (-9.79%), AL SALAM Sudan (-9.25) and Agility Warehousing (-8.16) are among those who experienced declines.
Elsewhere in the Gulf, Qatari index (.QSI) finished 0.2% higher, with Qatar Gas Transport Nakilat rising 1.5%.
Saudi Arabia's benchmark index (.TASI) edged 0.2% lower, hit by a 1.5% fall in ACWA Power Company.
Oil giant Saudi Aramco reversed early losses to close 0.2% higher, despite reporting a 15.4% drop in third-quarter profit due to lower crude prices and weaker refining margins. It maintained its dividend at $31.1 billion for the quarter.