Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
A wait-and-watch approach by investors appeared to slow trading activity in the UAE stock markets on Thursday, with global markets closed for the Christmas holiday.
The Abu Dhabi Securities Exchange General Index (FADGI) edged down a marginal 0.066% to close at 10,031.30. Trading remained subdued, with 6,382 trades involving 181 million shares and a total value of Dh721 million. Total market capitalisation of ADX-listed stocks stood at Dh3.159 trillion.
Alpha Dhabi Holding rose 1.46% to Dh9.69, emerging as the most traded stock by both value and volume on a day marked by unusually low activity. The holding company recently witnessed two bulk trades worth Dh1 billion each, together accounting for more than 2% of its total market capitalisation.
Bank of Sharjah gained 2.33% after being included in two key ADX indices, while Borouge recorded a modest rise of 0.39%.
Blue-chip banking stocks, however, traded lower. Abu Dhabi Islamic Bank declined 1.12%, followed by First Abu Dhabi Bank, which fell 0.23%, and Abu Dhabi Commercial Bank, which slipped 0.54%. 2PointZero Group eased 0.37% to Dh2.68.
Abu Dhabi Commercial Bank announced an increase in share capital and said the new shares will begin trading on Friday.
In Dubai, the Dubai Financial Market General Index (DFMGI) also declined, slipping 0.364% to close at 6,141.6. The session recorded 5,328 trades, with 96 million shares changing hands for a total value of Dh224 million. Market breadth showed 19 gainers, 19 decliners and 12 unchanged stocks.
Amanat Holdings climbed 3.25%, while Gulf Navigation Holding rose 1.48% after announcing the commencement of work on a refinery project in Fujairah.
Most blue-chip stocks in Dubai traded in negative territory, with property major Emaar Properties falling 1.39%. Parkin declined 1.21%, while Emirates NBD slipped 0.52%.
