Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
The UAE stock markets traded in positive territory on Tuesday after a few days of volatile trading over uncertainty sparked by global trade tariff wars.
The Abu Dhabi Securities Exchange’s (ADX) general index (FADGI) was up by 0.172%, reaching 9,611.59 points.
A total of 26,345 trades were recorded, involving 348 million shares with a combined value of Dh1.262 billion. The total market capitalisation of all companies listed on the ADX reached Dh2.973 trillion.
Top gainers included Al Wathba Insurance (+14.78%), Abu Dhabi Commercial Bank (+4.29%), Agthia Group (+2.90%) and Pure Health (+1.90%), while notable losers were Gulf Medical Projects (-6.05%), RAK Co. for White Cement (-5.17%) and Eshraq Investments (-4.69%).
ADNOC Gas was up by 1.765% after it increased its market float to 9% by offloading an additional 4% stake to institutional investors. The premier stock was the most traded stock in terms of value and volume ahead of the International Holding Company (IHC).
DFM
DFM’s general index (DFMGI) is up by 0.142% to reach 5342.43.
A total of 12,690 trades were executed at the DFM, involving 178 million shares with a combined value of Dh543 million. The prices of 16 companies rose, while 29 declined, and eight remained unchanged.
Among the top gainers were National International Holding (+5.73%), Union Cooperative (+3.36%) and Mashreq Bank (+1.94%). The most notable losers included National General Insurance (-8.62%), BHM Capital (-5.70%), DFM (-4.14%) and National Cement (-3.88%).
Emirates NBD rose 1.68% after it made mandatory offer to acquire the remaining shares of its subsidiarity Emirates Islamic Bank (EIB). It already holds 99% of shares in the EIB
According to daily Reuters market report, Saudi Arabia’s benchmark stock index (TASI) dropped 0.2%, with ACWA Power Company retreating 3.2%. ACWA Power reported annual profit ahead of analysts' estimates but missed on revenue.
Among other losers, Saudi Ceramic Company plunged 10%, its biggest intraday fall since October 2020, after reporting an annual loss. Yanbu National Petrochemical Company declined 1.7% after its 2024 profit missed analysts' estimates.
The Qatari benchmark dropped 0.7%, as most of its constituents were in negative territory including Qatar Navigation, which retreated 3.9%.
The Qatari stock market slipped as profit-taking emerged following a period of horizontal trading amid uncertainty near resistance levels, said Hani Abuagla, senior market analyst at XTB MENA.
Outside the Gulf, Egypt's blue-chip index (EGX30) lost 0.9%, weighed down by a 2.6% fall in Commercial International Bank.
