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UAE stock markets stable amid global tumult

UAE stock markets stable amid global tumult
3 Feb 2025 20:27

A. SREENIVASA REDDY (ABU DHABI)

The UAE stock markets remained stable on Monday, even as tariffs imposed by the US on Canada, Mexico, and China rattled global markets. 

Abu Dhabi Securities Exchange’s (ADX) general index — FADGI — was down by 0.107%, reaching 9,575.84 points. 21,428 trades were recorded, involving 262 million shares with a combined value of Dh1.044 billion. The total market capitalisation of all companies listed on the ADX reached Dh2.982 trillion.

Borouge, Abu Dhabi Islamic Bank and Abu Dhabi National Insurance (ADNIC) are among the stocks which shined in Monday’s trading on ADX amid escalating trade tensions over tariffs. 

The top gainers included the National Bank of Fujairah (+4.70%), Commercial Bank International (+7.33%), ADNIC (+4.32%), and Burjeel (+3.00%), while notable losers were Apex Investments (-9.85%), Abu Dhabi National Hotels (-5.77%), and UAQ Investments (-5.55%).

DFM

DFM’s general index (DFMGI) was up by 0.046% to reach 5182.76, defying the global trend.   

A total of 14,743 trades were executed at the DFM, involving 192 million shares with a combined value of Dh657 million. The prices of 20 companies rose, while 25 declined, and seven remained unchanged. 

Among the top gainers were Emirates Investment Bank (+12.23%), Aman Insurance (+4.43%) and ENBDREIT (+7.50%). The most notable losers included National Cements (-9.83%), BHM Capital (-2.86%), Al Firdous (-1.91%) and Dubai National Insurance (-1.83%). 

DFM-listed developer Deyaar announced the launch of Phase 2 of Park Five, a wellness-focused luxury residential community in Dubai Production City. Phase 2 will include 343 residential units, which are expected to transform urban family experiences in Dubai. 

According to a daily Reuters market report, Saudi Arabia's benchmark index (TASI) dropped 0.3%, hit by a 2.2% fall in ACWA Power Company and a 2.5% decrease in Saudi Awwal Bank, despite reporting a rise in annual profit. On the other hand, Basma Adeem Medical, which offers dentistry and dermatology services, surged 30% in its debut on the Saudi Exchange's parallel market, Nomu. The Saudi Exchange allows 30% fluctuation limits during the first three days of trade.

The Qatari index (QSI) finished 0.6% lower, weighed down by a 3.7% slide in petrochemical maker Industries Qatar on lower fourth-quarter profit. The company reported a 32% plunge in its profit to 1 billion riyals ($274.33 million) and slashed its annual dividend by 5%.

Outside the Gulf, Egypt's blue-chip index (EGX30) was down 0.6%, with Fawry for Banking Technology and Electronic Payment retreating 1.7%.

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