Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
The UAE stock markets posted solid gains on Tuesday, signalling what appears to be a conclusive end to the recent bear run.
The Abu Dhabi Securities Exchange (ADX) General Index (FADGI) rose 0.525% to 9,989.24, moving close to the 10,000 mark. Trading remained active, with 25,529 trades involving 354 million shares and a total value of Dh1.516 billion. Total market capitalisation on ADX reached Dh3.151 trillion.
Alpha Dhabi was the standout performer, climbing 8.8% to Dh10.42 after announcing a new dividend and share buyback programme. The three-year dividend policy includes annual dividends of Dh2 billion, equivalent to 20 fils per share, with a 5% yearly increase starting from the 2025 financial year. The company also announced a share buyback programme of up to Dh1 billion, not exceeding 10% of its issued share capital.
Another strong gainer was 2PointZero, which rose 3.78% to Dh2.75. The stock has seen active trading since the rebranding of Multiply to 2PointZero following its acquisition of 2PointZero Group and Ghitha Holding. Aldar advanced 2.81%, while ADNOC Distribution rose 1.51%.
Orascom Construction was the biggest decliner, falling 3.87% after finalising merger plans with OCI Global.
In Dubai, the Dubai Financial Market (DFM) General Index (DFMGI) gained 0.779% to close at 6,045, reclaiming the 6,000 mark after slipping below it during the recent downturn. The session recorded 15,065 trades, with 349 million shares traded at a total value of Dh718 million. Market breadth showed 26 gainers, 13 decliners, and 12 unchanged stocks.
Telecom operator du rose 3.2%, property major Emaar gained 1.44%, and Talabat added 2.49%. Emirates NBD fell 1.49%, while Spinneys slipped 2%.
Analysts say expectations of a potential rate cut at Wednesday’s Federal Reserve meeting are contributing to optimism in the markets. “The market outlook is further strengthened by solid fundamentals and ongoing expansion in the non-oil sector,” George Pavel, general manager at Naga.com, told Reuters.
