Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
Abu Dhabi Securities Market (ADX) made a strong comeback on Tuesday after a few days of volatile trading which pushed the total net capitalisation of the market below the Dh3 trillion mark.
The main index of the ADX — FADGI — rose 0.650% to close at 9,618.97 points. A total of 20,080 trades were recorded, involving 378 million shares with a combined value of Dh1.024 billion. Market cap of the ADX reached Dh2.993 trillion.
Top gainers included Abu Dhabi Aviation(+9.25%), UAE Investment(+5.82%), Hayah Insurance(+4.61%) and Sudatel Communications(+4.19%), while notable losers were Emirates Insurance(-9.43%), Abu Dhabi Ship Building(-3.88%) and Aram Group(-3.44%).
Burjeel Holdings was the most traded stock at the ADX both in terms of value and volume, though its price declined slightly by 0.6% to close at Dh1.59. Burjeel announced its plan to establish the leading radiation oncology network in the GCC, following its successful acquisition of an 80% stake in the Dubai-based Advanced Care Oncology Center.
Lulu Retail made small recovery to close at Dh1.5, way below its debut price of Dh2.04 when it got listed at the ADX in November 2024.
The main index of the Dubai Financial Market (DFM) — DFMGI — saw a fall of 0.155% on Tuesday to reach 5374.5.
A total of 12,902 trades were executed, involving 219 million shares with a combined value of Dh703 million. The prices of 23 companies rose, while 21 declined, and eight remained unchanged.
Among the top gainers were National International Holding (+10.68%), Emirates Islamic Bank (+5.72%), National Industries Group (+3.93%) and Takaful Emirates (+2.92%). The most notable losers included Depa Bank (-9.97%), Salik (-5.21%), and Orascom Construction (-3.77%).
Emaar, Emaar Developments and Talabat are among the most actively traded stocks. Salik’s fall by more than 5% dragged down the general index.
Elsewhere in the Gulf, Saudi Arabia's benchmark index (TASI) gained 0.6%, led by a 4.3% jump in the country's biggest lender Saudi National Bank. According the Reuters daily stock report, Mobile Telecommunications Company advanced 5.1%. Despite reporting a fall in annual profit, the telecom operator maintained its full-year cash dividend of 0.50 riyals per share.
The market appears poised to keep rising, supported by robust fourth-quarter results, although external factors continue to influence investor sentiment, Joseph Dahrieh, Managing Principal at Tickmill, told Reuters.
The Qatari index (QSI) finished 0.3% higher, ahead of more earnings announcement this week, with the Gulf's biggest lender Qatar National Bank rising 0.7%.
Outside the Gulf, Egypt's blue-chip index (EGX30) added 0.3%.
Egypt's central bank is likely to keep interest rates steady on February 20, awaiting a clearer drop in inflation before considering cuts, a poll of 10 economists and analysts showed.
