Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
The UAE stock markets extended their decline on Tuesday, tracking a sell-off in global equities amid concerns that the next US interest-rate cut may not materialise in December.
The Abu Dhabi Securities Exchange (ADX) drew particular attention as the newly created 2PointZero Group began trading following the merger of three business groups — Multiply Group, Ghitha Holding and 2PointZero Holding. Multiply and Ghitha were already listed entities whose shares have now been absorbed into the new company.
Ghitha Holding will continue to trade as a separate subsidiary listed under the 2PointZero Group umbrella. Multiply Group rebranded itself as 2PointZero Group and now serves as the holding company for all three entities.
2PointZero Group emerged as the most actively traded stock on Tuesday in both value and volume. However, its share price, which had closed at Dh2.61 on Monday when it was still trading as Multiply, slipped to Dh2.48 — a decline of 5% — after debuting under its new ticker.
Its market capitalisation fell from Dh90.2 billion at the start of trading to Dh85.72 billion by close. 2PointZero said the combined assets are valued at approximately Dh120 billion.
The ADX General Index (FADGI) fell for the fifth consecutive session, dropping 0.295% to 9,882.24. A total of 23,897 trades were executed, involving 336 million shares with a combined value of Dh1.102 billion. Despite the broader market weakness, total market capitalisation on the ADX rose to Dh3.100 trillion due to the listing of 2PointZero Group.
Qatar’s Ooredoo Group saw its shares surge 10% after the Abu Dhabi Investment Authority offered its 5.01% stake in the company through a secondary share sale. Aldar (-1.74%) and ADNOC Distribution (-0.53%) were among the notable decliners.
The Dubai Financial Market’s (DFM) General Index (DFMGI) dropped 0.983% to close at 5,898.93. A total of 17,023 trades were executed, involving 561 million shares worth Dh712 million. Sixteen companies posted gains, 30 declined and seven remained unchanged.
Blue-chip names including Emaar, Emaar Development, and Salik were among those that lost value in a volatile trading session.
