A. SREENIVASA REDDY (ABU DHABI)
UAE stock markets traded in positive territory for the second consecutive session on Thursday amid optimism over a potential peace deal between the US and Iran.
The ADX General Index (FADGI) edged up 0.016% to close at 9,876.33. Trading activity remained robust, with 36,933 trades involving 601 million shares valued at Dh1.78 billion. The total market capitalisation of ADX-listed stocks stood at Dh2.874 trillion.
Most blue-chip stocks on the Abu Dhabi market posted moderate gains. Abu Dhabi Commercial Bank rose 1.43%, while Abu Dhabi Islamic Bank gained 0.39%. First Abu Dhabi Bank added 0.11%.
ADNOC-linked stocks delivered a mixed performance. ADNOC Distribution gained 0.78%, while ADNOC Logistics and Services slipped 0.33%. ADNOC Gas rose 0.29% and ADNOC Drilling added 0.16%. Borouge declined 0.79%, while Fertiglobe fell 1.48% to Dh3.33, giving up some of its recent gains.
Holding company Alpha Dhabi declined 1.46%, while 2PointZero traded flat at Dh2.13.
Real estate major Aldar extended its winning streak for a second day, gaining nearly 2%.
In Dubai, the Dubai Financial Market (DFM) General Index (DFMGI) rose 0.567% to close at 5,931.87. The session saw 23,021 trades, with 301 million shares changing hands for a total value of Dh1.03 billion. Market breadth remained positive, with 28 gainers, 18 decliners and eight stocks unchanged.
Real estate giants Emaar and Emaar Development moved in opposite directions, with Emaar slipping 0.48% while Emaar Development rose 0.53%.
Emirates NBD gained 0.61%, while Dubai Islamic Bank added 0.54%.
Sharjah-based carrier Air Arabia rose 0.58% following a record rally in the previous session. Road toll operator Salik gained 3.85%, extending gains from the previous session. Parking operator Parkin surged 6.54%, while utility major DEWA added 0.37%.
“UAE equity markets pared some of their early-session gains but still closed in positive territory on Thursday, buoyed by optimism over a potential US-Iran peace deal and robust corporate earnings,” said Adam Vettese, Market Analyst at eToro.
District cooling provider EMPOWER surged 7.1% after posting strong first-quarter results, including a 44% year-on-year jump in net profit to Dh208 million, reflecting strong demand linked to the UAE’s infrastructure expansion, Vettese added.