Today's Edition
A.SREENIVASA REDDY (ABU DHABI)
UAE stock exchanges reported subdued trading but showed stability despite a global selloff triggered by the US Federal Reserve’s announcement that there will be fewer rate cuts in 2025.
ADX
ADX general index — FADGI — fell by a marginal 0.216%, reaching 9,273.05 points. A total of 19,602 trades were recorded, involving 201 million shares with a combined value of Dh918 million. The total market capitalisation of all companies listed on the ADX reached Dh2.920 trillion.c
International Holding Company (IHC) is pressing ahead with its share buyback programme, maintaining its position as the most traded stock in terms of value. In a filing with ADX, the company reported purchasing 30,367 shares worth Dh12.204 million at an average price of Dh401.90 on Thursday.
The statement further noted that a total of Dh1.195 billion worth of shares have been repurchased so far. Shares valued at Dh604 million remain to be bought back under the Dh1.8 billion first tranche of the programme. Additionally, a total of 3.804 billion shares are yet to be acquired as part of the broader Dh5 billion buyback initiative.
Out of the 85 companies traded at the ADX, the share prices of 24 companies rose, while 49 declined, and 12 remained unchanged.
Top gainers included Gulf Pharmaceuticals (+6.61%), Abu Dhabi Building Materials (+5%), RAK White Cement (+3.54%), and Alef Education (+2.63%), while notable losers were Commercial Bank International (-10%), and MAIR Group (-8.21%) and Sharjah Cement (-7.40).
DFM
The DFM general index (DFMGI) rose by 0.188% to reach 5,046.55.
A total of 17,552 trades were executed at the DFM, involving 231 million shares with a combined value of Dh771 million.
The prices of 11 companies rose, while 28 declined, and six remained unchanged.
Among the top gainers were International Financial Advisers (+14.88%), National International Holding (+2.63%), Spinneys (+2.58%), and Emaar (+2.4%). The most notable losers included Takaful-Emirates (-9.37%), Chimera S&P UAE Shariah ETF (-3.27%) and UPP (-2.43%).
Realty stocks Emaar and Emaar Development, and EmiratesNBD continue to perform well, putting the DFM in a strong position even as the global stocks fell across the world.
