Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
ADNOC companies received yet another boost in the stock market following the announcement of Dh200 billion in project awards, with both UAE stock markets trading in positive territory on Monday.
The ADX General Index (FADGI) rose 0.320% to close at 9,820.78. Trading activity remained robust, with 40,530 trades involving 528 million shares valued at Dh2.759 billion. The total market capitalisation of ADX-listed stocks stood at Dh2.759 trillion.
ADNOC Drilling surged 9.17% after announcing the completion of an 80% acquisition in MB Petroleum Services (MBPS). All ADNOC companies, except Fertiglobe, traded in positive territory. ADNOC Distribution rose 2.70%, while ADNOC Gas gained 1.19%. Borouge was up 0.8%, and Fertiglobe slipped more than 1% after its recent rally.
Among other stocks, holding company 2PointZero rose 2.91%, while Alpha Dhabi declined 1.6%. Banking stocks reported subdued trading, with First Abu Dhabi Bank declining 1.68%. Abu Dhabi Commercial Bank fell 0.72%, while Abu Dhabi Islamic Bank slipped 0.38%.
Real estate major Aldar posted a mild decline of 0.38%. Space technology firm Space42 rose 6.71%, while Burjeel Holding added 6.6%.
In Dubai, the Dubai Financial Market (DFM) General Index (DFMGI) rose 0.226% to close at 5,779.09. The session recorded 18,570 trades, with 255 million shares changing hands for a total value of Dh671 million. Market breadth remained weak, with 35 gainers, 15 decliners, and five stocks unchanged.
Real estate giants Emaar and Emaar Development moved in opposite directions, with Emaar rising 1.7% while Emaar Development fell 1.76%. Emirates NBD declined 2.4%, while Dubai Islamic Bank added 0.56%.
Sharjah-based carrier Air Arabia gained 0.8%. Road toll operator Salik declined 0.36%, while utility major DEWA rose 1.50%.
According to Adam Vettese, Market Analyst at eToro, early session gains were pared as investors booked profits amid lingering caution over unresolved geopolitical developments.
“2PointZero Group advanced just shy of 3% after posting robust Q1 results, including Dh2.3 billion in group net profit and revenue growth exceeding 1,800% year-on-year, driven by successful post-merger consolidation,” Vettese said.
“Overall, the session reflected cautious optimism. Investors will watch oil price movements and further clarity on Hormuz shipping flows in the coming sessions,” he added.
