A. SREENIVASA REDDY (ABU DHABI)
UAE stock markets recorded gains on Wednesday amid mixed signals on the regional front.
The ADX General Index (FADGI) rose 0.359% to close at 10,269.01. The session recorded 23,929 trades involving 466 million shares worth Dh2.22 billion. The total market capitalisation of ADX-listed companies stood at Dh2.679 trillion. FAB shares worth Dh804 million changed hands in a single transaction, according to an ADX data update.
Banking stocks posted gains, with First Abu Dhabi Bank adding 1.62% and Abu Dhabi Commercial Bank advancing 1.46%. Abu Dhabi Islamic Bank bucked the trend, slipping 0.09%.
ADNOC-linked stocks posted gains after a period of subdued performance. ADNOC Drilling rose 2.66%, while ADNOC Distribution added nearly 1%. ADNOC Logistics and Services gained 0.28%, while ADNOC Gas remained unchanged at Dh3.27. Fertiglobe advanced 0.8%, while Borouge remained unchanged at Dh2.38.
Real estate major Aldar gained 0.75%. Among holding companies, 2PointZero remained unchanged at Dh2.28, while Alpha Dhabi slipped 0.91% to Dh7.61.
Presight and EMSTEEL advanced 3.19% and 2.4%, respectively.
In Dubai, the Dubai Financial Market General Index (DFMGI) rose 0.182% to close above the 6,000 mark at 6,008.03. The session recorded 13,606 trades, with 368 million shares changing hands for a total value of Dh692 million.
Market breadth was positive, with 23 gainers and 16 decliners, while 14 stocks remained unchanged.
Real estate major Emaar Properties gained 0.34%, while its subsidiary Emaar Development rose 0.3%.
Banking stocks added to the momentum, with Emirates NBD rising 0.96% and Dubai Islamic Bank advancing 0.82%.
Toll-gate operator Salik advanced 2.79%, while utility provider DEWA slipped 0.73%. Telecom operator du also lost 0.83%, while Sharjah-based airline Air Arabia declined 1.42%.
The UAE markets maintained their positive momentum, with Abu Dhabi extending its gains as banking and ADNOC-linked stocks attracted buying interest, Milad Azar, Market Analyst at XTB MENA, said.
“The large FAB transaction helped lift overall turnover, while gains in ADNOC Drilling, ADNOC Distribution and Fertiglobe pointed to renewed interest in energy-related stocks,” Azar said.
Dubai moved above the 6,000 mark, supported by gains in banks and Emaar-related stocks, although the overall advance was measured.
“Strength in Salik and financial stocks points to selective rotation, while declines in DEWA, du and Air Arabia show that investors remain cautious,” Azar added.