A. SREENIVASA REDDY (ABU DHABI)
The UAE stock markets moved into positive territory on Thursday, with both the Abu Dhabi Securities Exchange (ADX) and Dubai Financial Market (DFM) recording gains after several consecutive sessions of losses. Global equities also advanced after Nvidia’s strong earnings report eased concerns over a potential AI bubble.
The ADX General Index (FADGI) rose 0.272% to 9,885.12, remaining below the 10,000 threshold. A total of 25,585 trades were executed, involving 554 million shares with a combined value of Dh1.61 billion. Total market capitalisation on ADX stood at Dh3.108 trillion.
Presight AI Holding was the star performer, with its stock surging 9.7%, followed by Abu Dhabi Commercial Bank (ADCB), which gained 3.7%.
On Wednesday, the US government announced that it had approved the sale of advanced AI semiconductors to Presight’s parent company G42, as well as to Saudi AI venture Humain.
The new entity created out of the former Multiply Group, 2PointZero, rose 2.3% to Dh2.65 — surpassing the Dh2.61 level where Multiply shares last traded on Monday. Alpha Dhabi fell 1.2%.
The Dubai Financial Market’s General Index (DFMGI) climbed 0.834% to close at 5,910.96. The session saw 11,358 trades totalling 401 million shares worth Dh482 million. Twenty-six companies posted gains, 14 declined and 10 remained unchanged.
Property giant Emaar increased 2.65%, while Dubai Islamic Bank was up nearly 1%. It has been a roller-coaster week for the DFM index, which had dipped well below the 6,000 threshold.