Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
The two UAE stock markets traded in positive territory on Tuesday for the second consecutive day, signalling an optimistic outlook ahead of the Christmas and New Year holidays.
The Abu Dhabi Securities Exchange (ADX) General Index (FADGI) rose 0.215% to close at 10,057.81. Trading remained active, with 17,980 trades involving 325 million shares and a total value of Dh1.26 billion. Total market capitalisation of ADX-listed stocks stood at Dh3.164 trillion.
Alpha Dhabi led the market rally with a 5.43% rise. The key ADX stock saw two bulk transactions valued at more than Dh1 billion each in recent days. One bulk transaction was carried out at a price of Dh7.28 on December 19, while another took place on December 22 at a price of Dh9. On Tuesday, the stock closed at Dh9.5.
Energy stocks Borouge and ADNOC Gas were up 1.16% and 0.57%, respectively. Banking majors First Abu Dhabi Bank and Abu Dhabi Commercial Bank gained more than 0.5% each. 2PointZero lost 1.1% to reach Dh2.71 on a day when its key leaders were named. Retail major Lulu declined 1.72% to Dh1.14, well below its IPO price.
On ADX, the advance was mainly driven by banking and energy heavyweights, supported by stable oil prices and solid economic fundamentals, Milad Azar, Market Analyst at XTB MENA, told Aletihad.
“Trading activity remained relatively strong, pointing to ongoing institutional interest rather than short-term speculation,” he added.
In Dubai, the Dubai Financial Market (DFM) General Index (DFMGI) edged up 0.064% to close at 6,161.84. The session recorded 13,568 trades, with 260 million shares traded at a total value of Dh731 million. Market breadth showed 23 gainers, 19 decliners and 10 unchanged stocks.
Trading was cautious on the DFM, with Emirates NBD rising 0.52%. Realty major Emaar gained 0.351%, while telecom major du was up 0.93%. Talabat stood out among the losers, shedding more than 3%. Spinneys, TECOM and Mashreq Bank lost more than 1% each.
“At DFM, the market maintained its upward trend, led by gains in real estate and financial stocks, as investors remained optimistic about earnings prospects and project momentum,” Azar said.
Giving his final take on Tuesday’s trading, Azar added: “The performance of both markets suggests a supportive near-term outlook, although investors are expected to stay cautious and focus on fundamentally strong stocks amid global economic and interest rate uncertainties.”
