Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
A pronounced bear run continues in the UAE stock markets, though the Dubai Financial Market (DFM) posted marginal gains in Thursday trading.
The ADX General Index (FADGI) fell 0.315% to 9,705.03. A total of 15,142 trades were executed, involving 326 million shares with a record combined value of Dh2.343 billion. The total market capitalisation on ADX stood at Dh3.053 trillion.
Alpha Data, the Abu Dhabi-based info-tech company, appeared to be the only prominent gainer, rising 1.24%. Dana Gas lost 2.65% after a rocket strike targeted its Khor Mor facility in Iraqi Kurdistan. Other notable decliners included TAQA (-2.88%), Aldar (-1.21%) and 2PointZero (-1.51%).
Most other blue-chip stocks traded either flat or slightly lower.
In Dubai, the DFM General Index (DFMGI) recorded a marginal gain of 0.112% to close at 5,815.24. The index has now spent more than a week trading well below the 6,000 level, underscoring a sustained bearish trend across UAE markets.
The DFM session saw 12,163 trades, totalling 285 million shares worth Dh444 million. Thirteen companies advanced, 26 declined and 11 remained unchanged.
Sharjah carrier Air Arabia was the only prominent stock to post a notable rise, gaining 3.34%. Talabat, which has been under sustained selling pressure, gained 1% to reach Dh0.894, still far below its listing price last year. Property major Emaar slipped 0.37%.
The market remains impacted by lower oil prices and their bearish outlook. If the downtrend in crude continues, it may further weigh on the index, Daniel Takieddine, co-founder and CEO of Sky Links Capital Group, told Reuters.
According to Takieddine, the market's underlying fundamentals remain sound, while a sustained recovery would depend on a broader improvement in investor sentiment.
