Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
The UAE stock markets traded in positive territory after experiencing volatility in recent days.
Hopes for December rate cut by Federal Reserve and indications that the US shutdown is nearing end appears to have triggered rally in the stock markets across the Gulf.
The Abu Dhabi Securities Exchange’s (ADX) General Index (FADGI) rose 0.135% to close at 10,033.81 on Tuesday. A total of 21,163 trades were executed, involving 289 million shares with a combined value of Dh1.52 billion.
The total market capitalisation of all companies listed on the ADX stood at Dh3.089 trillion.
Abu Dhabi Commercial Bank (ADCB), ADNOC Distribution, and Lulu Retail made gains of 0.73%, 3.01%, and 1.72%, respectively. Lulu Retail was among the most actively traded stocks by volume after it reported $6 billion in revenues and $1.4 billion in gross profit for the first nine months of the year. Lulu Retail is currently trading at Dh1.18, after being listed last year at Dh2.04 following a successful IPO.
Al Wathba National Insurance (-10%), Al Khaleej Investment (-4.03%), and Aldar (-0.55%) were among the prominent decliners.
The Dubai Financial Market’s (DFM) General Index (DFMGI) rose by a strong 1.07% to close at 6,072.06. A total of 15,563 trades were executed, involving 326 million shares with a combined value of Dh1.04 billion. Share prices of 25 companies rose, 16 declined, and 12 remained unchanged.
Blue-chip stocks — Emaar, Emaar Development, Salik, and Dubai Islamic Bank — recorded gains ranging from 1.4% to 3.8%. Talabat continued to decline, with its latest price at Dh0.881, compared to its Dh1.60 listing price last year.
