Today's Edition
A.SREENIVASA REDDY (ABU DHABI)
The UAE stock markets reported falls in tune with the global markets amid escalating geo-political tensions.
The main index of the Abu Dhabi Security Exchange (ADX) — FADGI — was down 0.976% to reach 9313.35 points.
International Holding Company (IHC) in an ADX filing said that it had bought 120,000 shares worth nearly Dh49 million at an average price of Dh407.70. To date, shares worth Dh938.6 million were purchased by the IHC as part of its first tranche of Dh1.8 billion share buyback programme. The company has earlier announced plans to withdraw shares worth Dh5 billion from the market over the course of one year.
A total of 23,144 trades were reported at the ADX, involving 313 million shares with a combined value of Dh1.221 billion.The market capitalisation of all companies listed on the ADX reached Dh2.909 trillion.
Of a total 78 listed companies, shares of 12 companies rose, while 57 declined. Prices of nine scrips remained unchanged.
QIC (+6.93%), PALMS Sports (+4.33%), Abu Dhabi Ship Building (+4.33%) and Agility Global (+4.31) were among the top gainers. ADCB (-4.65%), National Co.for Building Materials (-4.39%), Easy Lease (-3.89%) and Chtrshin (-3.46%) were among the day’s notable losers.
The main index of the Dubai Financial Market (DFM) — DFMGI — was down 0.653% to end at 4729.58 points. A total of 14,273 trades, involving 235 million shares with a total value of Dh702 million were reported at the DFM. Prices of nine companies rose, while 32 declined, and eight closed unchanged.
International Financial Advisors (+13.636%), Gulf Navigation Holding (+6.426%), Emaar Development (+4.11%) and Emirates REIT (+3.33) were among the top gainers. Al Mazaya Holding (-9.46%), Al Ramz Investment (-8.67%) and BHM Capital (-5.77%) saw declines.
Elsewhere in the Gulf, Saudi Arabia's benchmark stock index (.TASI) eased 0.2% for a second straight session of losses. ACWA Power dropped 1.9% and Saudi National Bank, the kingdom's largest lender, fell 0.6%. Jabal Omar Development rose 1.9% after the developer said it had sold a land plot in Macca worth 1.07 billion riyals ($285.00 million).
The Qatari benchmark index fell 0.4% and posted its second straight weekly loss. Qatar Islamic Bank was down 1.7%, and Ooredoo lost 0.9%.
"GCC markets exhibited mostly negative performance, influenced by heightened geopolitical tensions," Ahmed Negm, head of market research, MENA at XS.com, told Reuters.
Outside the Gulf, Egypt's blue-chip index (.EGX30) broke a four-day losing run to close 0.1% higher. Faisal Islamic Bank of Egypt rose 3.3% after the Islamic lender reported a 137% increase in 9-month net profit.
