Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
UAE stock markets were a mixed bag on Monday, with the Abu Dhabi market ending in positive territory in the final hours of trading as news emerged of a possible deal between the United States and Iran.
The ADX General Index (FADGI) rose 0.257% to close at 9,625.19. Trading activity remained robust, with 16,792 trades involving 397 million shares valued at Dh817 million. The total market capitalisation of ADX-listed stocks stood at Dh2.782 trillion.
Banking stocks traded in positive territory, with Abu Dhabi Islamic Bank rising 2.32%. Abu Dhabi Commercial Bank gained 0.63%, while First Abu Dhabi Bank rose 0.23%.
Holding company 2PointZero traded flat at Dh1.91 per share, while Alpha Dhabi advanced 0.7%.
ADNOC-listed companies contained losses after positive developments began to emerge. ADNOC Gas was up nearly 1%, while ADNOC Logistics and Services rose 1.34%. ADNOC Drilling and ADNOC Distribution traded flat. Fertiglobe gained 0.64%, while Borouge declined 1.28%.
The recent incidents at some ADNOC facilities did not appear to have a significant impact on the market.
Real estate major Aldar posted a gain of nearly 2.15%.
In Dubai, the Dubai Financial Market (DFM) General Index (DFMGI) slipped 0.676% to close at 5,448.07. The session recorded 13,710 trades, with 163 million shares traded for a total value of Dh660 million. Market breadth included 19 gainers, 25 decliners and eight unchanged stocks.
Real estate giants Emaar and Emaar Development traded in negative territory, declining 3% and 0.74%, respectively.
Among other major stocks, Emirates NBD gained 0.21%, while Dubai Islamic Bank added 0.81%.
Toll operator Salik rose 1.19%, while utility major DEWA declined 1.11%. Parkin fell 0.21%.
“With regional developments likely to dictate near-term direction, investors remain watchful for any clarity on the Hormuz situation and its impact on energy flows and market confidence,” said Adam Vettese, Market Analyst at eToro.
The ADX found support from Abu Dhabi Islamic Bank, which rose 2.3%, and Aldar Properties, which gained more than 2%, Vettese said.
Abu Dhabi National Company for Building Materials (BILDCO) jumped nearly 7% after the company appointed QMM as a liquidity provider, boosting trading interest in the stock, he added.
