A.SREENIVASA REDDY (ABU DHABI)

MAIR Group, which was listed directly at the Abu Dhabi Securities Exchange (ADX) on December 9, was the star performer on Monday with its price rising by a massive 12.43% to reach Dh2.08. The stock zoomed by 154% on the day of the listing but declined in the subsequent weeks. The company, which is rooted in the cooperative movement, regained its glory in Monday's trading.

ADX general index — FADGI — rose by an impressive 0.543%, reaching 9,402.02 points. A total of 16,112 trades were recorded, involving 296 million shares with a combined value of Dh1.08 billion. The total market capitalisation of all companies listed on the ADX reached Dh2.959 trillion.

Out of the 84 companies traded at the ADX, the share prices of 36 companies rose, while 32 declined, and 16 remained unchanged.

Top gainers included MAIR Group (+12.43%), Fujairah Cement (+7.2%), Hayah Insurance (+5.4%), and Abu Dhabi Building Materials (+5.07%), while notable losers were E7 (-4.5%), and Pure Health (-2.73%) and RAK Co. for White Cement (-2.50%).

DFM
The Dubai Financial Market (DFM) general index (DFMGI) was down by a marginal 0.019% to reach 5,056.33 after several days of positive trading. 

A total of 10,803 trades were executed at the DFM, involving 155 million shares with a combined value of Dh413 million.

The prices of 21 companies rose, while 24 declined, and five remained unchanged.

Among the top gainers were Emirates Islamic Bank  (+8.93%), Watania International (+6.60%), Emirates NBD (+3.68%), and Emirates Reem Investment (+3.4%). The most notable losers included National General Insurance (-10%), Dubai Refreshment (-9.63%) and BHM Capital (-6.98%). 

Elsewhere in the Gulf, Saudi Arabia's benchmark stock index (.TASI) bounced back after two consecutive sessions of losses and gained 0.8%, with most sectors in the green.

Insurer Medgulf climbed 4.2% after it signed a contract to provide health insurance services to the state-owned Saudi Electricity.

Knowledge Economic City Company gained 1.4% after the developer said it has signed an agreement with Sidra Capital and Raseel Properties to establish a 1.04-billion riyals ($276.75 million) investment fund.

The Qatari benchmark index (.QSI) fell 0.2%, with most sectors in negative territory. Qatar National Bank, the region's largest lender, fell 0.7% and telecom service provider Ooredoo shed 0.5%.

Outside the Gulf, Egypt's blue-chip index (.EGX30) was down for a second day, dropping 0.8%, with almost all stocks posting losses. Commercial International Bank slipped 1.1% and EFG Holding slid 2.6%.

"(The) market trended lower as (a)correction phase continued, with prices seeing strong volatility," said Hani Abuagla, senior market analyst at XTB MENA. "The market also awaits signs of improved economic stability to boost investor sentiment."