A. SREENIVASA REDDY (ABU DHABI)
The UAE stock markets made gains on Tuesday as the companies started reporting their earnings for 2024 amid escalating global trade tensions.
Abu Dhabi Securities Exchange’s (ADX) general index — FADGI — was up by 0.091%, reaching 9,584.51 points. The index is up by 1.76% from the beginning of this year.
A total of 22,268 trades were recorded, involving 248 million shares with a combined value of Dh1.114 billion. The total market capitalisation of all companies listed on the ADX reached Dh2.992 trillion.
Borouge, Aldar and Apex Investments saw uptick in their share prices and were traded in a big volumes. Borouge reported a rise in the fourth quarter profit and proposed a second-half dividend of 7.9 fils per share, leading to some momentum in the stock market.
Top gainers included Apex Investment (+4.28%), ADNOC Gas (+3.57%), Eshraq Investments (+3.20%) and Alef Education (+2.68%), while notable losers were National Takaful (-9.90%), Al Khaleej Investment (-4.60%) and Americana Restaurants (-2.49%).
DFM
Dubai Financial Market (DFM)’s general index (DFMGI) was up by 0.701% to reach 5219.08. The index is up by 1.17% from the beginning of 2024, according to Bloomberg. The index enjoys an health yearly return of 30.62%.
A total of 14,717 trades were executed at the DFM, involving 205 million shares with a combined value of Dh650 million. The prices of 23 companies rose, while 20 declined, and eight remained unchanged.
Among the top gainers were Talabat (+3.55%), Salik (+3.49%) and Dubai Taxi (+2.56%). The most notable losers included National International Holding (-10.00%), Emirates Islamic Bank (-5.36%), Orascom Construction (-4.19%) and Dubai Refreshment (-3.70%).
Salik and Talabat shares led the rally in Dubai market.
According to daily Reuters market report, Saudi Arabia's benchmark index (TASI) gained 0.5%, led by a 1.6% rise in Al Rajhi Bank and a 1.4% increase in Saudi Telecom Company.
The kingdom's non-oil business sector expanded at its strongest pace in just over a decade in January, driven by a surge in new orders and robust business activity, a PMI survey showed on Tuesday.
The Qatari index (QSI) finished 0.3% higher, with Qatar Gas Transport Nakilat climbing 2.9%.
Outside the Gulf, Egypt's blue-chip index fell 0.3%, hit by a 1.3% fall in Talaat Moustafa Group Holding.