Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
UAE stock markets on Thursday reported strong trading volumes as they continued to remain under severe selling pressure amid unstable conditions in the region.
The Abu Dhabi Securities Exchange General Index (FADGI) lost 2.322% to close at 9,635.57. Trading activity remained robust, with 30,378 trades involving 238 million shares valued at Dh1.71 billion. The total market capitalisation of ADX-listed stocks stood at Dh2.895 trillion.
Fertiglobe, ADNOC Gas and Alpha Dhabi defied the market trend to record gains on a day when most blue-chip stocks hit the downward ceiling of 5%. Fertiglobe gained 4.63%, while ADNOC Gas and Alpha Dhabi added 1.85% each.
Three banking giants — First Abu Dhabi Bank, Abu Dhabi Commercial Bank and Abu Dhabi Islamic Bank — lost almost the maximum 5%. RAK Bank also lost 5%, while telecom giant e& slipped nearly 5%. Realty major Aldar declined nearly 4%.
Among other ADNOC companies, ADNOC Distribution was up 0.27%, ADNOC Drilling lost 4.64%, and ADNOC Logistics and Services fell 2.52%. Borouge also slipped 1.19%.
Holding company 2PointZero Group was down 1.12% to reach Dh1.77 per share.
Space42 was another stock that defied the trend, gaining 2.88%.
In Dubai, the Dubai Financial Market (DFM) General Index (DFMGI) fell 3.637% to close at 5,518.08. The session recorded 22,327 trades, with 230 million shares traded for a total value of Dh978 million. Market breadth showed 8 gainers, 39 decliners and five unchanged stocks.
Real estate giants Emaar and Emaar Development, banking major Emirates NBD, road toll operator Salik, and utility provider DEWA lost almost the maximum 5%. Dubai Islamic Bank lost 3.85%, while Deyaar fell 3.66%.
Sharjah-based carrier Air Arabia was one of the prominent stocks to gain, rising 0.93%.
ADX said in a statement that the market recorded trades worth Dh4.8 billion during the first three sessions following the resumption of trading after the precautionary suspension on March 2 and 3. The exchange said the trading activity reflects the market’s resilience, the depth of its investor base and strong investor confidence.
Institutional investors led trading activity during this period, accounting for about 76% of total trades, compared with 24% for retail investors, ADX said. Foreign investors accounted for 45% of trading, compared with 55% for UAE investors.
A total of 17 listed companies and exchange-traded funds have announced dividends worth nearly Dh16 billion since the beginning of the year, further enhancing the market’s appeal to investors, the ADX statement said.
“The strong Dh4.8 billion turnover in the first three sessions after trading resumed highlights the resilience of the Abu Dhabi market and the confidence of investors despite recent regional volatility,” Milad Azar, Market Analyst at XTB MENA, said. “Robust liquidity suggests that market participants quickly absorbed the temporary disruption.”
Institutional investors dominating 76% of trades and foreign participation at 45% underline the growing maturity and global integration of ADX, Azar said. “Nearly Dh16 billion in announced dividends strengthens the market’s attractiveness for income-focused investors and supports medium-term stability,” Azar added.
