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UAE stock markets defy global trend, make strong gains

UAE stock markets defy global trend, make strong gains
30 Dec 2024 23:25

A. SREENIVASA REDDY (ABU DHABI)

The UAE stock markets registered some good gains on Monday even as the major global indices declined on New Year’s Eve. The rally comes amid the publication of new economic data which said the UAE’s GDP grew by 3.6% during the first half of this year. 

Abu Dhabi Securities Exchange’s (ADX) general index — FADGI — was up by 0.952%, reaching 9,416.40 points. A total of 18,016 trades were recorded, involving 218 million shares with a combined value of Dh957 million. The total market capitalisation of all companies listed on the ADX reached Dh2.994 trillion, just Dh5.6 billion short of historic Dh3 trillion milestone.

Out of the 85 companies traded at the ADX, share prices of 41 companies rose, while 29 declined, and 15 remained unchanged.

State energy company Taqa shares rose by a massive 11.5% after it announced a series of expansion plans in the recent weeks. Other major companies — Aldar, Multiply and Alphadhabi — too saw a decent rise in their share prices on Monday. 

Top gainers included Alain Insurance (+6.67%), E7W (+6.19%), Rapco Investment (+5%), and RAK Co for White Cement (+3.45%), while notable losers were Al Wathba Insurance (-9.93%), Fujairah Cement (-4.26%) and MAIR Group (-3.67%).

DFM

The Dubai Financial Market’s (DFM) general index (DFMGI) was up by 0.46% to reach 5153.24. DFM index reached highest point since May 2014, led by a 1.8% rise in DEWA and a 3% gain for Emaar Development.

A total of 12,541 trades were executed at the DFM, involving 184 million shares with a combined value of Dh486 million.

The prices of 21 companies rose, while 16 declined, and 12 remained unchanged. 

The real estate sector was largely responsible for the market's upward momentum, Joseph Dahrieh at broker Tickmill told Reuters.

"This sector was responsible for a significant portion of the solid gains this year, making Dubai's market stand out as an exception among regional markets," he said.

Among the top gainers were Dubai National Insurance (+14.81%), Emirates Reem Investments (+1.92%) and Ithmaar Holding (+2%). The most notable losers included Agility Warehousing (-9.65%), Shuaa Capital (-4.06%) and Watania Holding (-3.98%). 

Elsewhere in the Gulf, Saudi Arabia's benchmark index advanced 0.9%, with Al Rajhi Bank rising 2.1% and ACWA Power Co adding 2.7%. ACWA announced entry into the Chinese market by securing more than 1 gigawatt of renewable energy projects in collaboration with Chinese partners.

The Qatari index eased 0.2%, hit by a 0.8% fall in the Gulf's biggest lender, Qatar National Bank.

Outside the Gulf, Egypt's blue-chip index dropped 0.9%, weighed down by a 3.3% fall for Talaat Moustafa Holding.

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