A.SREENIVASA REDDY (ABU DHABI)
The UAE stock markets witnessed robust trading activity on Monday, with the Dubai Financial Market’s (DFM) general index recording a remarkable surge of 4.5%, marking a single-day trading record.
The Abu Dhabi Securities Exchange’s (ADX) general index — FADGI — rose by 0.163%, reaching 9,280.18 points. ADX’s growth was driven by strong performances from Aldar Properties, ADCB, ADIB, and ADNH.
A total of 19,599 trades were recorded, involving 241 million shares with a combined value of Dh1.1 billion. The total market capitalisation of all companies listed on the ADX reached Dh2.92 trillion.
The DFM general index (DFMGI) climbed to 5,047.54 after gaining 217.91 points, a 4.5% increase, achieving its highest level since October 2014.
The rally on DFM was led by Emaar Properties and its subsidiary, Emaar Developments, which both soared by nearly 15%, the maximum single-day rise allowed. Shares of DFM itself also rose by 15% amid positive momentum created by Emaar stocks, while Emirates NBD, Dubai’s largest lender, posted a substantial gain of 9.34%.
The rally followed Emaar Properties' announcement on Friday of its intent to declare dividends equivalent to 100% of its share capital for 2024 and the coming years. The company also revealed plans to establish a long-term dividend policy tied to its generated and projected operating cash flows.
A total of 17,575 trades were executed, involving 532 million shares with a combined value of Dh1.17 billion.
The prices of 27 companies rose, while 18 declined, and seven remained unchanged.