Today's Edition
A.SREENIVASA REDDY (ABU DHABI)
Most stock markets in the Gulf were subdued on Wednesday as investors turned cautious amid geopolitical tensions, although Dubai Financial Market’s (DFM) main index hit an over 10-year high on finance and real estate sector gains.
Abu Dhabi Securities Exchange’s (ADX) main index — FADGI – saw a fall of 0.225% to reach 9405.19 points.
International Holding Company (IHC) appears to have continued its share buyback programme on Wednesday. IHC shares worth Dh250 million were traded at ADX and the price ended lower at Dh408.1, down 0.83% from the previous close.
Al Ramz Capital has been appointed as a liquidity provider for Bank of Sharjah, an ADX-listed company. Al Ramz will commence independent trading of Bank of Sharjah shares within specified parameters and in adherence to regulatory guidelines, a statement said. A listed company appoints a liquidity provider to optimise share trading by enriching the order book, minimising trading spreads, reducing price volatility and augmenting trading volume.
The trading session saw share prices of 38 companies rise, while 28 companies experienced a decline. Additionally, 13 companies closed unchanged compared to their previous closing prices.
The combined market capitalisation of all ADX listed companies reached Dh2.933 trillion.
Abu Dhabi Ship Building (+14.85%), Al Khaleej Investment (+6.24%), Al Seer Marine Supplies (+5.13%) and Easy Lease (+4.05) are among the prominent gainers while National Bank of Fujairah (-9.77%), Chimera S&P China ETF (-3.01%), Burjeel (-1.86) and National Bank of UAQ (-1.76) are among the losers in the stock market on Wednesday.
In the DFM, the general index (DFMGI) saw a rise of 0.612% to close at 4,760.67 points, its highest level in more than 10 years. The trading session witnessed 14,815 trades involving 245 million shares with a total value of Dh630 million.
Emirates NBD added 2.8% and DFM rose 4.5%, the sharpest daily rise in more than one and an half years.
The trading session saw prices of 19 companies rise, while 21 companies experienced a decline. Additionally, 10 companies closed unchanged.
National International Holding (+14.657%), Emirates REIT (+8.434%) and Takaful Emirates (+6.87%) are among the top gainers while IFA (-9.87%), National General Insurance (-9.81%) and Gulf Navigation (-4.23) are among those who experienced declines.
Elsewhere in the Gulf, Saudi Arabia's benchmark stock index was down 0.1% after three consecutive sessions of gains, with most sectors in the red. Saudi Arabian Mining fell 1.1% and Jabal Omar Development slipped 2.3%. The real estate developer said in a statement to the exchange it had appointed Abdulrahman Bajunaid as new CEO.
Meanwhile, Knowledge Tower Trading surged 7.2% to 11.62 riyals per share, its highest level since listing in November 2022 on Nomu Parallel Market. Education services provider's board decided to transfer it to the main market.
The Qatari benchmark index (.QSI) inched up 0.1% after early choppy trading. Qatar National Bank, the region's largest lender, added 0.5% and Ooredoo gained 1.5%.
Outside the Gulf, Egypt's blue-chip index extended its decline to a fourth session, ending 0.3% lower with most stocks in the red. Eastern Company dropped 1.6% and EFG Holding slid 1.2%.
"Market participants appear to be securing liquidity ahead of United Bank's upcoming IPO," said George Pavel, general manager at Naga.com Middle East.
