Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
The UAE stock markets saw mixed trading on Wednesday ahead of the US Federal Reserve’s interest rate decision.
The Abu Dhabi Securities Exchange (ADX) General Index (FADGI) edged down 0.082% to 9,981.02. Trading remained active, with 18,685 trades involving 321 million shares at a total value of Dh1.098 billion. Total market capitalisation on ADX stood at Dh3.150 trillion.
ADX cross-listed two US-domiciled KraneShares ETFs — KWEB and KRBN — on Thursday, taking the total number of ETFs traded on the exchange to 20.
The exchange also reported one bulk transaction involving 61.4 million NMDC Energy shares, worth Dh147 million, executed in a single trade.
2PointZero, the rebranded and expanded successor to Multiply, was the most traded stock by both value and volume. Its share price rose nearly 2% to Dh2.8, reflecting strong investor interest. Alpha Data saw a 2.5% increase, while United Arab Bank fell 7% to Dh1.2. Gulf Pharmaceuticals (Julphar) declined 3.8%.
Abu Dhabi Commercial Bank (ADCB) announced the completion of its Dh6.1 billion rights issue. The transaction drew exceptional demand, with total funded commitments exceeding Dh12 billion. Mubadala, ADCB’s majority shareholder, fully subscribed to its entitlement, while remaining shares were more than three times oversubscribed by other shareholders.
In Dubai, the Dubai Financial Market (DFM) General Index (DFMGI) gained 0.521% to close at 6,076.48. The session saw 11,478 trades, with 244 million shares traded at a total value of Dh704 million. Market breadth showed 18 gainers, 21 decliners, and 13 unchanged stocks.
Emirates NBD led the rally with a 2.65% rise, while food delivery app Talabat climbed 4.25%, indicating a continued recovery. Real estate developer Deyaar slipped 1.88%.
Toll-gate operator Salik inched up 0.33% after Moody’s Ratings reaffirmed its investment-grade A3 credit rating with a stable outlook.
Meanwhile, all eyes remain on US Federal Reserve Chair Jerome Powell’s remarks on Wednesday. The meeting will be closely watched for its guidance on monetary policy and the economic outlook for the year ahead, Daniel Takieddine, co-founder and CEO of Sky Links Capital Group, told Reuters.
“If the Fed signals readiness for further rate cuts next year, it would likely have a positive impact on GCC economies and corporate earnings.”
