Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
The UAE stock markets continued to slide on Wednesday amid a sell-off in global equities driven by concerns that a US interest-rate cut may not materialise in December.
The ADX General Index (FADGI) fell for the sixth consecutive session, dropping 0.243% to 9,858.27. A total of 22,069 trades were executed, involving 1.18 billion shares with a combined value of Dh1.95 billion. Total market capitalisation on the ADX stood at Dh3.099 trillion.
The newly created 2PointZero Group showed strength amid the broader decline, recovering its losses on the second day of trading. Its share price closed at Dh2.59, up 4.4% from the previous day’s close, with its market cap reaching Dh89.52 billion. It remained among the most heavily traded stocks in terms of both value and volume, signalling strong investor interest in the merged company.
First Abu Dhabi Bank (FAB), the UAE’s largest lender, lost 1.18%, while Abu Dhabi Islamic Bank (ADIB) declined 1.5%. Presight AI Holding added 2.2%. ADNOC Logistics & Services was up 0.54%, while ADNOC Gas was down nearly 0.6%. Bitcoin miner Phoenix Group fell 6.83% despite the very promising outlook outlined in its latest quarterly results report.
The Dubai Financial Market’s (DFM) General Index (DFMGI) dropped 0.625% to close at 5,862.09. A total of 16,910 trades were executed, involving 649 million shares worth Dh865 million. Fifteen companies posted gains, 27 declined and 11 remained unchanged.
Blue-chip names including Emaar (-1.12%), Dubai Electricity and Water Authority (-2.55%), Emirates NBD (-0.39%), Dubai Taxi Company (-1.58%) and Dubai Islamic Bank (-0.22%) were among the prominent decliners.
