Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
UAE stock markets extended their positive run on Tuesday, posting decent gains as the earnings season boosted investor optimism.
The Abu Dhabi Securities Exchange (ADX) General Index (FADGI) rose 0.249% to close at 10,195.86. Trading remained active, with 21,610 trades involving 316 million shares and a total value of Dh1.23 billion. Total market capitalisation of ADX-listed stocks stood at Dh3.131 trillion.
The ADX rally was led by Alpha Dhabi, which rose nearly 2%, and banking giant First Abu Dhabi Bank, which gained 1.08%. Other banking majors also advanced, with Abu Dhabi Islamic Bank rising 1.15%and Abu Dhabi Commercial Bank gaining 0.8%.
Sharjah-based energy firm Dana Gas continued its bullish run, advancing more than 3% after announcing it had reached production of 70,000 barrels of oil equivalent per day (boepd). ADNOC Gas rose 0.28% and remained the most-traded stock in terms of both value and volume. Other notable gainers included Orascom Construction, which rose 4%, and supermarket and realty company MAIR Group, which gained 3.64%.
Among the prominent decliners, 2PointZero Group fell 1.61%.
In Dubai, the Dubai Financial Market General Index (DFMGI) climbed 0.501%to close at 6,375.28. The session saw 14,415 trades, with 246 million shares changing hands for a total value of Dh700 million. Market breadth showed 26 gainers, 17 decliners and 10 unchanged stocks.
The Dubai rally was supported by gains in electricity and water provider DEWA and Sharjah-based airline Air Arabia, both of which rose 1%. Realty giant Emaar gained 0.69%, while Dubai Islamic Bank rose 0.83% and Emirates NBD ended the session flat. Al Mal Capital REIT posted a strong gain of 9%. Among the prominent losers were Salik, which fell 2.62%, and Parkin, which slipped 0.33%.
Commenting on the day’s trading, Milad Azar, market analyst at XTB MENA, said: “Equity markets in the UAE continued to show resilience, underpinned by improving earnings visibility and healthy trading activity.”
Outlining the reasons for the strong uptick, Azar added: “Strength in core sectors, particularly financials and large-cap stocks, reflected growing investor confidence and stable institutional flows, even as some names saw mild profit-taking.”
The Dubai index reached an all-time high, reflecting the incipient bullish trend in the market. “In Dubai, positive sentiment was reinforced by gains in utilities, aviation and real estate, alongside strong interest in yield-focused assets,” Azar said.
