A. SREENIVASA REDDY (ABU DHABI)

The UAE stock markets made some good gains on Monday after several days of volatility triggered by tariff wars and geopolitical tensions. 

The Abu Dhabi Securities Exchange’s (ADX) general index (FADGI) was up by 0.342%, reaching 9,450.90 points. 

A total of 19,296 trades were recorded, involving 338 million shares with a combined value of Dh1.102 billion. The total market capitalisation of all companies listed on the ADX reached Dh2.903 trillion.

International Holding Company, in a stock market filing, announced the start of the second tranche of its share buyback programme. “IHC is pleased to announce the successful completion of the first tranche of its share buyback programme of Dh1.8 billion,” the statement said. The second tranche of the buyback, worth of Dh1.5 billion, will begin on March 18, the statement added.

The IHC earlier announced it will buy back shares worth Dh5 billion. 

Top gainers in the ADX on Monday included National Takaful (+13.39%), Ooredoo (+10.345%), Eshraq Investments (+5.57%) and Space 42 (+5.42%), while notable losers were Al Dhafra Insurance (-10.00%), RAK Co. for White Cement (-8.69%) and Aram Group (-8.434%).

The ADX rally was led by a 4.25% surge in Borouge after dividend and share buyback announcement and a 1.14% rise in Abu Dhabi Commercial Bank.

DFM

DFM’s general index (DFMGI) was up by a good 0.599% to reach 5171.40.

A total of 10,115 trades were executed at the DFM, involving 122 million shares with a combined value of Dh413 million. The prices of 22 companies rose, while 14 declined, and 12 remained unchanged. 

Among the top gainers were Depa (+10.76%), Emirates Investment Bank (+5.32%) and Takaful Emirates (+3.07%). The most notable losers included Ithmaar Holding(-3.68%), Ekttitab Holding (-2.38%), ENBD REIT (-1.89%) and Parkin (-1.66%). 

In a statement, Tabreed and Dubai Holding Investments, part of Dubai Holding, have entered a concession agreement to provide district cooling services for Palm Jebel Ali in Dubai. The agreement establishes a joint venture, with Tabreed holding a 51% stake and Dubai Holding Investments 49%. 

Air Arabia, a DFM listed company, approved the distribution of 25% cash dividend for 2024. The dividend, which is equivalent to 25 fils per share, marks another year of strong financial performance for the award-winning low-cost carrier.