Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
UAE stock markets moved higher on Wednesday, with both indices posting solid gains amid broad-based buying across sectors.
The Abu Dhabi Securities Exchange (ADX) General Index (FADGI) rose 0.514% to close at 10,047.83, crossing the 10,000 mark, below which it had been trading recently. Trading remained active, with 18,606 trades involving 452 million shares and a total value of Dh1.26 billion. Total market capitalisation of ADX-listed stocks stood at Dh3.124 trillion.
In a surprise, retail major Lulu emerged as the most traded stock in terms of both value and volume, with its share price rising 0.89% to Dh1.13. The trading suggested strong liquidity interest despite the stock having fallen nearly 50% since its much-hyped listing two years ago. As usual, banking stocks led the rally, with Abu Dhabi Commercial Bank rising 2.21%, Abu Dhabi Islamic Bank gaining 1.84% and First Abu Dhabi Bank inching up 1.37%.
Alpha Dhabi was up 0.85%, while another holding company, 2PointZero, remained muted. Sharjah-based oil company Dana Gas gained 2.33% after receiving $50 million in payments from the Egyptian government, boosting its investment programme in the country.
Among the prominent losers were energy company TAQA and AI firm Presight, which fell 2.16% and 1.84%, respectively.
The rally on ADX was supported by steady buying in leading stocks and wider sector participation. “Market sentiment improved on expectations of resilient earnings and strong balance sheets, even as oil price risks linger,” Milad Azar, market analyst at XTB MENA, told Aletihad.
“The controlled advance highlights cautious optimism, with investors selectively increasing exposure while awaiting clearer market signals.”
The Dubai Financial Market (DFM) General Index (DFMGI) rose 1.068% to close at 6,248.56. The session recorded 15,227 trades, with 233 million shares changing hands for a total value of Dh882 million. Market breadth showed 28 gainers, 11 decliners and 15 unchanged stocks.
The DFM rally was again led by real estate giants Emaar and Emaar Developments, which rose more than 2%. Sharjah-based airline Air Arabia surged 4.62%. Banking majors Dubai Islamic Bank and Emirates NBD rose 1.17% and 0.51%, respectively. Realty asset manager ALEC Holding continued its bull run, gaining 1.19%. Similar to Lulu’s activity on ADX, retailer Spinneys posted an impressive gain of 5.23% amid expectations of increased consumer spending in the new year. Among the prominent losers was Dubai Residential REIT, which slipped 0.81%.
“Dubai outperformed peers on broad-based gains and stronger trading activity. Renewed interest in growth and property stocks drove the rally, reflecting confidence in economic momentum,” Azar said. “Solid volumes point to genuine inflows, keeping sentiment constructive, though limited profit-taking may emerge after the recent sharp move,” he added.
