A.SREENIVASA REDDY (ABU DHABI)
Trading at the Abu Dhabi Securities Exchange (ADX) turned positive on Wednesday, driven by surges in Alpha Dhabi and Multiply shares. The Dubai Financial Market (DFM) experienced a fall following its benchmark index reaching a decade-high in the past two sessions.
ADX general index — FADGI — rose by 0.342%, reaching 9,293.15 points. A total of 19,715 trades were recorded, involving 255 million shares with a combined value of Dh1.1 billion. The total market capitalisation of all companies listed on the ADX reached Dh2.926 trillion.
International Holding Company (IHC) is pressing ahead with its share buyback programme, maintaining its position as the most traded stock in terms of value. In a filing with ADX, the company reported purchasing 34,118 shares worth Dh13.712 million at an average price of Dh401.90 on Wednesday.
The statement further noted that a total of Dh1.183 billion worth of shares have been repurchased so far. Shares valued at Dh616 million remain to be bought back under the Dh1.8 billion first tranche of the programme. Additionally, a total of 3.816 billion shares are yet to be acquired as part of the broader Dh5 billion buyback initiative.
Out of the 83 companies traded at the ADX, the share prices of 32 companies rose, while 36 declined, and 15 remained unchanged.
Top gainers included Alpha Dhabi (+5.58%), Multiply (+4.69%), Al Ain Ahlia Insurance (+3.45%), and ADNOC Gas (+2.96%), while notable losers were National Takaful (-9.85%), RAPCO Investment (-8.57%), and MAIR Group (-8.45%) and Union Insurance (-6.15).
DFM
The DFM general index (DFMGI) fell by 0.842% to 5,037.07 after consecutive gains in the previous sessions. Emirates NBD dropped 2.8%, and Emaar Development declined by 4%, reversing their earlier rallies.
A total of 17,154 trades were executed at the DFM, involving 218 million shares with a combined value of Dh947 million.
The prices of 19 companies rose, while 21 declined, and 10 remained unchanged.
Among the top gainers were Sukoon (+12.68%), Chimera S&P UAE Shariah ETF (+4.61%), Shuaa Capital (+3.48%), and Salik (+2.25%). The most notable losers included Takaful-Emirates (-9.86%), Al Mazaya Holding (-9.32%) and BHM Capital (-7.95%).
Most Gulf stock markets declined on Wednesday as investors exercised caution ahead of the US Federal Reserve's final policy announcement of the year, following data that indicated robust consumer spending.
Saudi Arabia's benchmark index (TASI) edged down by 0.1%, with losses across multiple sectors. Al Rajhi Bank, the world's largest Islamic lender, fell 0.5%, and Saudi Arabian Mining Co dropped 0.6%.
Savola Group, however, surged by 10% for a second session, reaching its highest level in nine months. The Kingdom's largest food producer recently announced its shareholders' approval to reduce capital and compensate with 8.34 billion riyals ($2.22 billion) in Almarai shares.