A.SREENIVASA REDDY (ABU DHABI)
The UAE stock markets reported gains on Tuesday as the impact of the fewer rate cuts policy announced by the US Federal Reserve began to wane.
Abu Dhabi Securities Exchange’s (ADX) general index — FADGI — rose by 0.353%, reaching 9,435.21 points. A total of 14,507 trades were recorded, involving 218 million shares with a combined value of Dh837 million. The total market capitalisation of all companies listed on the ADX reached Dh2.965 trillion.
Out of the 81 companies traded at the ADX, the share prices of 38 companies rose, while 31 declined, and 12 remained unchanged.
Top gainers included Commercial Bank International (+14.00%), MAIR Group (+6.25%), Gulf Medical Projects (+5.13%), and Gulf Pharmaceuticals (+3.05%), while notable losers were Aram Group (-5.6%), AGTHIA Group (-2.92%) and HH (-2.88%).
FAB was up 2.1% and Palms Sports climbed 3.9%. Sports management company Palms said on Monday it has renewed Dh206 million contract with UAE's ministry of education. MAIR Group shares continued to surge, reaching Dh2.21 in Tuesday’s trading.
DFM
The Dubai Financial Market (DFM) general index (DFMGI) is up by 0.475% to reach 5,080.36. DFM is lifted by gains in real estate, industry and finance stocks. Emaar Development advanced 2.4% and Emirates NBD gained 1%.
A total of 8313 trades were executed at the DFM, involving 164 million shares with a combined value of Dh282 million.
The prices of 21 companies rose, while 16 declined, and nine remained unchanged.
Among the top gainers were Dubai Refreshment (+14.75%), Takaful-Emirates (+6.19%), BHM Captial (+6.00%) and Shuaa Capital (+5.26%). The most notable losers included Emirates REIT (-3.28%), Chimera S&P UAE Shariah ETF (-3.16%) and Al Salam Sudan (-3.09%).
Shuaa Capital surged 5.3% to its highest in over three months. The investment bank's board approved on Friday a deal with a senior creditor to restructure Dh208 million ($56.64 million) in debt facilities.