Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
The UAE stock markets were buoyant on Tuesday as major companies began reporting their annual earnings for 2024.
The market capitalisation of the Abu Dhabi Securities Exchange (ADX) remained firmly above the Dh3 trillion mark after crossing the milestone on Monday. The main index of the Dubai Financial Market (DFM) surged by an impressive 1.415%, marking one of its biggest gains in recent times.
The main index of the ADX — FADGI — rose 0.082% to close at 9,639.08 points. A total of 29,336 trades were recorded, involving 392 million shares with a combined value of Dh1.542 billion. Market cap of the ADX reached Dh3.007 trillion.
Top gainers included Aldar (+7.06%), RAK Properties (+5.60%), Apex Investment (+5.37%) and Oman and Emirates Investment (+4.74%), while notable losers were Lulu Retail (-9.78%), Eshraq Investments (-3.94%), and National Co. for Building Materials (-3.67%).
Aldar was the star performer for the last two days as its share price jumped substantially after the company reported stellar results for the fourth quarter of 2024. It has overtaken the International Holding Company (IHC) as the most traded stock in terms of value for the second consecutive day. Lulu Retail dropped by nearly 10% to Dh1.66 after it reported a drop in fourth quarter profit. The retail giant got listed at the ADX at Dh2.04 last year.
The main index of the DFM — DFMGI — saw a big rise of 1.415% to close at 5335.76 points.
A total of 16,144 trades were executed, involving 264 million shares with a combined value of Dh952 million. The prices of 26 companies rose, while 20 declined, and five remained unchanged.
Among the top gainers were Dubai Islamic Insurance (+8.00%), National Cement (+4.14%), Emirates Integrated Telecommunications (DU) (+3.79%) and Amanat Holdings (+3.64%). The most notable losers included Depa (-10.00%), Al Salam Sudan (-7.46%), and Agility Warehousing (-3.65%).
DFM rally was led by a 2.9% leap in Emaar Properties and 2.1% rise in Dubai Islamic Bank. Emirates Integrated Telecommunications (DU) climbed 3.8% after the telecom firm reported a higher quarterly profit.
Elsewhere in the Gulf, Saudi Arabia's benchmark index (TASI) lost 0.3%, ending three sessions of gains, hit by a 1.5% fall in Al Rajhi Bank, Reuters daily stock report said. Leejam Sports, which posted a lower quarterly profit, slipped 2.4%.
Outside the Gulf, Egypt’s blue-chip index (EGX30) declined 1.1%, weighed down by a 3.9% slide in EFG Holding Company. The Egyptian stock market remained in negative territory, continuing its price range fluctuations without a clear direction, said George Pavel, General Manager at Naga.com. "Investors remain cautious as they await further developments, while concerns about geopolitical risks and tariff policies continue to weigh on investor sentiment."
