Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
The UAE stock markets made steady gains on Thursday even as the global markets are facing volatility over the unexpected Chinese advances in artificial intelligence research.
The main index of the Abu Dhabi Securities Exchange (ADX) — FADGI — rose 0.157% to close at 9,583.60 points. A total of 17,808 trades were recorded, involving 215 million shares with a combined value of Dh927 million.
Top gainers included Oman and Emirates Investment (+14.90%), Hayah Insurance (+9.71%), RAK Properties (+5.983%) and United Arab Bank (+5.80%), while notable losers were Eshraq Investments (-6.03%), Al Wathba Insurance (-3.03%), and RAK Co. for White Cement (-2.52%).
International Holding Company (IHC), Abu Dhabi Commercial Bank (ADCB), Alpha Dhabi and Multiply are among the most traded shares in terms of value. Lulu Retail, RAK Properties and Phoenix Group are among the most traded in terms of volume.
ADX rally was primarily led by the rise in Hayah Insurance and ADCB, which surged by 9.7% and 3.6%, respectively.
The main index of the Dubai Financial Market (DFM) — DFMGI — saw a rise of 0.499% to close at 5154.97 points, ending four consecutive sessions of losses.
A total of 12,572 trades were executed, involving 145 million shares with a combined value of Dh695 million.
The prices of 18 companies rose, while 23 declined, and 12 remained unchanged.
Among the top gainers were International Financial Advisors (+10.22%), Orascom Construction (+4.48%), Commercial Bank of Dubai (+4.15%) and Al Salam Sudan (+3.44%). The most notable losers included Dubai Refreshments (-10.00%), Dubai National Insurance (-9.18%), and National International Holding (-7.88%).
DFM rally was led by a 2.3% leap in Emaar Properties and 1.5% rise in Emaar Development.
Elsewhere in the Gulf, Saudi Arabia's benchmark index (.TASI) fell 0.2%, with Al Rajhi Bank losing 1.4%. In the previous session, the lender advanced 4.7%, after Al Rajhi reported an 18.7% surge in its net profit to 19.72 billion riyals ($5.26 billion) for 2024. The bank proposed a second-half cash dividend of 1.46 riyal per share, up from 1.15 riyal a year earlier.
Alinma Bank dropped 2.3% despite reporting a higher annual profit.
In Qatar, the index (.QSI) eased 0.1%, hit by a 0.6% fall in Qatar National Bank and a 1.9% slide in Qatar Gast Transport (Nakilat).
Nakilat - the world's largest shipper of liquefied natural gas - on Wednesday retreated 2.4% after proposing a lower annual dividend. However, Reuters reports that the firm recorded a net profit of 1.64 billion riyals ($449.89 million), compared with 1.56 billion riyals a year ago.
On the other hand, Mesaieed Petrochemical Holding Co rose 1.9% ahead of the firm reporting its 2024 results.
Outside the Gulf, Egypt's blue-chip index (.EGX30) gained 0.4%, with Talaat Moustafa Holding gaining 0.9%.
