Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
UAE stock markets posted solid gains on Tuesday, extending recent momentum amid optimism surrounding the earnings season.
The Abu Dhabi Securities Exchange (ADX) General Index (FADGI) rose 0.467% to close at 10,170.50. Trading remained active, with 23,174 trades involving 358 million shares and a total value of Dh1.34 billion. Total market capitalisation of ADX-listed stocks stood at Dh3.125 trillion.
The ADX rally was led by Abu Dhabi Islamic Bank, which gained 2.62%, and ADNOC-affiliated fertiliser producer Fertiglobe, which rose 3.13%. Sharjah-based energy firm Dana Gas advanced 1.36% after announcing it had reached production of 70,000 barrels of oil equivalent per day (boepd), a level that has been sustained throughout January.
ADNOC Gas rose 0.28% and was the most-traded stock in terms of both value and volume. The company on Monday signed a long-term LNG supply agreement valued at $3 billion with India’s Hindustan Petroleum Corporation Limited (HPCL).
Among the decliners, Alpha Dhabi fell 1.31%, while Abu Dhabi Commercial Bank declined 1.19%.
In Dubai, the Dubai Financial Market General Index (DFMGI) climbed 0.434% to close at 6,343.53. The session saw 13,099 trades, with 239 million shares changing hands for a total value of Dh581 million. Market breadth showed 28 gainers, 13 decliners and 13 unchanged stocks.
The Dubai rally was supported by gains across key sectors. Realty major Emaar rose 1.04%, while Dubai Islamic Bank advanced 1.37%. Utility provider DEWA gained 1.7%. Among the few notable laggards was telecom operator du, which fell 1.94%.
Both ADX and DFM recorded broad-based advances, supported by solid fundamentals and expectations of strong corporate results, although oil-price volatility remains a key risk to market sentiment, said Milad Azar, market analyst at XTB MENA.
