Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
The UAE stock markets reported mixed trading on Thursday, with the Abu Dhabi Securities Exchange (ADX) showing early gains but closing with a marginal decline.
The main index of the ADX — FADGI — fell 0.265% to close at 9,260.7 points. A total of 22,758 trades were recorded, involving 288 million shares with a combined value of Dh1.125 billion.
The total market capitalisation of all companies listed on the ADX reached Dh2.907 trillion.
Out of the 77 companies traded, the share prices of 22 companies rose, while 38 declined, and 17 remained unchanged.
In an ADX filing, International Holding Company (IHC) disclosed that it bought back a total of 123,650 shares worth nearly Dh50 million at an average price of Dh404.23 per share. Shares worth Dh726 million remain to be bought under the first tranche of the Dh1.8 billion share buyback programme, part of the overall Dh5 billion initiative.
IHC's Stance on Adani Investments
In another development, IHC appears to retain its confidence in its investments in the Adani Group, an Indian business conglomerate currently facing corruption allegations in the US.
In a statement, IHC said: “Our partnership with the Adani Group reflects our confidence in their contributions to the green energy and sustainability sectors. As with all our investments, our team continues to evaluate relevant information and developments. At this time, our outlook on these investments remains unchanged.”
Lulu Retail closed the day at Dh1.79, significantly below its debut price of Dh2.04 on November 14. In a stock market filing, the company announced the opening of a new store in Dammam, Saudi Arabia. The store is Lulu’s 57th outlet in the kingdom, with plans to open over 10 stores during 2024 and additional expansions scheduled for 2025.
Top gainers included Gulf Medical Projects (+8.62%), Al Khaleej Investment (+5.45%), ESG Emirates Stallion (+4.32%), and Alpha Dhabi (+4.17%), while notable losers were Aram Group (-10%), Fujairah Cement (-3.99%), and Abu Dhabi National Hotels (-3.3%).
The main index of the Dubai Financial Market (DFM) — DFMGI — saw a rise of 0.381% to close at 4,823.38 points. A total of 13,022 trades were executed, involving 206 million shares with a combined value of Dh541 million.
The prices of 14 companies rose, while 24 declined, and seven remained unchanged.
Among the top gainers were Emaar Development (+4.4%), DEWA (+3.14%), GFH Group (+2.54%), and Drake and Skull International (+1.47%). The most notable losers included Mazaya (-9.7%), National International Holding (-6.54%), and Empower (-3.66%).
