Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
UAE stock markets traded in positive territory, with the Dubai index gaining more than 1% as the broader geopolitical environment showed signs of improvement.
The ADX General Index (FADGI) rose 0.261% to close at 9,918.14. Trading activity remained robust, with 36,332 trades involving 641 million shares valued at Dh1.613 billion. The total market capitalisation of ADX-listed stocks stood at Dh2.863 trillion.
Almost all blue chips, except ADNOC-linked stocks, posted gains on Wednesday, with holding companies 2PointZero and Alpha Dhabi rising 1.4% and 0.53%, respectively.
Banking stocks showed a slightly subdued performance. Abu Dhabi Islamic Bank gained 1.99%, while Abu Dhabi Commercial Bank added 0.15%. First Abu Dhabi Bank traded flat at Dh18.4 per share.
ADNOC-listed companies were largely out of sync with the broader market sentiment, except for Fertiglobe, which added 2.9%. Borouge declined 2.66%, followed by ADNOC Logistics and Services, which slipped 0.74%. ADNOC Gas lost 0.61%, while ADNOC Distribution fell 0.79%. ADNOC Drilling traded flat.
Abu Dhabi National Insurance (ADNIC) rose 5.62%, while Insurance House declined 4.5%. In Dubai, the Dubai Financial Market (DFM) General Index (DFMGI) surged 1.08% to close at 5,929.51.
The session recorded 25,620 trades, with 447 million shares traded for a total value of Dh1.55 billion. Market breadth included 34 gainers, 13 decliners, and eight unchanged stocks.
Emaar and Emaar Development, the sister real estate companies, led the gains, rising 2.59% and 1.45%, respectively. Another real estate company, Deyaar, posted a gain of 4.1%.
Emirates NBD, however, declined 1.5%, somewhat weighing on the overall market rally.
Air Arabia contributed to the DFM rally, gaining 4.13%.
Road toll operator Salik rose 1.55%, while utility major DEWA declined 1.07%.
"UAE equity markets extended their recent gains as investors maintained optimism over potential fresh talks that could deliver further economic momentum and policy clarity,” Adam Vettese, Market Analyst at eToro, said.
Transportation names continued their upward momentum, with Gulf Navigation and Air Arabia posting further gains on sustained demand for logistics and aviation services on hopes of robust tourism recovery, Vettese said.
“Should the US-Iran talks deliver tangible outcomes, there will be scope for additional upside in the coming sessions,” he added.
