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UAE stock markets report strong positive trading

UAE stock markets report strong positive trading
19 Nov 2024 23:20

A.SREENIVASA REDDY (ABU DHABI)

The UAE stock markets reported strong positive trading on Tuesday after several days of volatility in the Gulf markets.

The main index of the Abu Dhabi Security Exchange (ADX) — FADGI — was up 0.419% to reach 9426.42 points. 

International Holding Company (IHC) in an ADX filing said that it had sold 170,577 shares worth Dh69.5 million at an average price of Dh407.71. This is part of the Dh5 billion share buyback programme it had announced earlier. 

ADNH Catering in an ADX filing said that it aims to increase its share in Compass Arabia in Saudi Arabia from 30% to 50%.  In another announcement, Space42 said it has appointed Q Market Makers (QMM) as its liquidity provider. By appointing QMM as its liquidity provider, Space42 aims to contribute to a more robust and dynamic market environment, delivering added value for its current and potential investors. 

Crypto mining and blockchain firm Phoenix said its founders were planning to purchase its shares on the open market.

A total of 22,943 trades were reported at the ADX, involving 300 million shares with a combined value of Dh1.138 billion. The market capitalisation of all companies listed on the ADX reached Dh2.939 trillion, nearing the Dh3 trillion milestone.

Al Ain Alahlia Insurance (+10.37%), Chimera S&P Pakistan (+9.66%), Abu Dhabi Ship Building (+7.91%) and Sharjah Investment (+5.44) were among the prominent gainers. E7 Group Warrants (-5.66%), Aram Group (-4.59%), AGTHIA Group (-3.51%) and Burjeel (-3.15%) were among the day’s notable losers.

The main index of the Dubai Financial Market (DFM) — DFMGI — was up 0.404% to end at 4731.72 points. A total of 14,736 trades, involving 200 million shares with a total value of Dh542 million were reported at the DFM. Prices of 17 companies rose, while 25 declined, and 10 closed unchanged. 

Blue-chip developer Emaar and Dubai World Trade Centre have established a joint venture to develop Expo Living, a new urban community spanning 451,295 square metres in Dubai.

National General Insurance (+6.30%), Emaar (+2.97%), Dubai Islamic Bank (+2.12%) and DFM (+1.53) were among the top gainers. Dubai Refreshment Company (-9.83%), Emirates Investment Bank (-2.91%) and Amanat Holdings (-2.75%) saw declines.

Elsewhere in the Gulf, Saudi Arabia's benchmark stock index (.TASI) was up for a third consecutive session ending 0.4% higher with Al Rajhi Bank, the world's largest Islamic lender, rising 2% and Saudi Electricity Co gaining 1.6%.

The Qatari benchmark index (.QSI) dropped 0.3%, weighed down by losses in almost all sectors with Qatar National Bank, the region's largest lender, falling 0.4% and Ooredoo losing 1.8%.

Outside the Gulf, Egypt's blue-chip index (.EGX30) fell for a third session, ending 0.6% lower. Commercial International Bank shed 0.8% and EFG Holding slid 2.5%.

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