A. SREENIVASA REDDY (ABU DHABI)
Abu Dhabi Securities Exchange (ADX) made gains on Wednesday, even as the global markets experienced volatility due to Chinese advances in artificial intelligence research.
The main index of the ADX — FADGI — rose 0.197% to close at 9,568.53 points. A total of 19,594 trades were recorded, involving 226 million shares with a combined value of Dh1.155 billion.
The top gainers included Rapco Investment (+6.55%), Abu Dhabi Commercial Bank (ADCB) (+4.75%), RAK Bank (+2.64%), and National Company for Tourism and Hotels (NCTH) (+2.36%). In comparison, notable losers were National Co. for Building Materials (-6.03%), Fujairah Cement (-4.45%), and Sharjah Cement (-3.6%).
NCTH shares rose after Alpha Dhabi increased its stake in the company to 73.73%, while ADCB shares rallied after the excellent 2024 results announced on Monday.
International Holding Company (IHC), Abu Dhabi Islamic Bank (ADIB), ADCB, and Alpha Dhabi are among the most traded shares in terms of value. Lulu Retail, Multiply Group, Phoenix Group, and Abu Dhabi National Hotels are among the most traded volumes.
The main index of the Dubai Financial Market (DFM)—DFMGI—fell 0.915% to close at 5129.35 points after a good run in recent months. A total of 14,079 trades were executed, involving 168 million shares with a combined value of Dh771 million.
The prices of 14 companies rose, while 23 declined, and 13 remained unchanged.
Among the top gainers were Emirates Islamic Bank (+14.85%), Dubai Islamic Bank (+2.15%), Al Salam Bank (+2.08%) and Dubai Islamic Insurance (+1.51%). The most notable losers included Emirates NBD (-9.29%), National General Insurance (-7.97%), and International Financial Advisors (-4.95%).
Most banking stocks, except EmiratesNBD, performed well over the excellent results declared for 2024. Emmar, Emmar Developments, and Emirates NBD are among the most traded shares in terms of value and volume.
Elsewhere in the Gulf, Saudi Arabia's benchmark index (.TASI) gained 0.2%, helped by a 4.7% jump in Al Rajhi Bank after the lender reported an 18.7% surge in its net profit to 19.72 billion riyals ($5.26 billion) for 2024.
In a separate filing, Al Rajhi Bank—which saw its biggest intraday gain in about four months—also proposed a second-half cash dividend of 1.46 riyal per share, up from 1.15 riyal a year earlier.
Saudi Telecom Company rose 1%, a day after the firm said it won a contract worth 32.64 billion riyals from a government entity to build, operate and provide telecommunications infrastructure services.
On the other hand, Saudi National Bank retreated by 2.9% after reporting a slightly higher annual profit.
In Qatar, the index (QSI) rose 0.1%, with petrochemical maker Industries Qatar rising 0.7%.
However, Qatar Gas Transport (Nakilat) fell 2.4%, on a lower annual dividend. Nakilat – the world's largest shipper of liquefied natural gas – recorded a net profit of 1.64 billion riyals ($449.89 million), compared with 1.56 billion riyals a year ago, according to a Reuters report.
Outside the Gulf, Egypt's blue-chip index (.EGX30) finished 0.8% higher, with Talaat Moustafa Holding rising 2.1%.
Egypt has completed a $2 billion international bond sale, the country's first dollar-denominated international bond issuance in four years.