A. SREENIVASA REDDY (ABU DHABI)
The UAE’s two stock markets made gains on Friday before closing for the four-day Eid Al Etihad holiday. Whether this signals an end to the recent bear run that has been weighing on the markets remains unclear.
The ADX General Index (FADGI) rose 0.434% to 9,747.17. A total of 14,645 trades were executed, involving 162 million shares with a combined value of Dh926 million. The total market capitalisation on ADX stood at Dh3.060 trillion.
Banking stocks advanced, with Abu Dhabi Commercial Bank (ADCB) climbing nearly 5%, followed by Abu Dhabi Islamic Bank (ADIB) up 0.91%, and First Abu Dhabi Bank (FAB) gaining 0.13%. Alpha Dhabi Holding, which recently acquired AD Ports’ 9.77% stake in NMDC Group for Dh1.6 billion, rose 2.62%.
2PointZero, the rebranded and expanded version of Multiply Group, fell 1.5% after trading in positive territory for several sessions. ADNOC Gas slipped 0.3%.
In Dubai, the DFM General Index (DFMGI) recorded a gain of 0.372% to close at 5,836.89. The session saw 10,808 trades, totalling 312 million shares worth Dh603 million. A total of 21 companies advanced, 20 declined, and 10 remained unchanged.
Property majors Emaar Development and Emaar rose 2.08% and 0.76%, respectively. Talabat gained 3.6% to reach Dh0.926, although the stock remains well below its initial listing price last year.