Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
UAE stock markets on Tuesday recovered a substantial portion of the losses suffered in the previous session, reflecting the underlying resilience of the markets and the short-lived nature of the recent drawdown.
The ADX General Index (FADGI) rose 0.913% to close at 9,648.64. Trading activity remained robust, with 24,163 trades involving 572 million shares valued at Dh1.15 billion. The total market capitalisation of ADX-listed stocks stood at Dh2.793 trillion. Two bulk trades worth Dh109 million involving shares of Abu Dhabi National Hotels were reported.
Banking stocks led the recovery rally, with Abu Dhabi Commercial Bank rising 4.32%. Abu Dhabi Islamic Bank gained 2.29%, while First Abu Dhabi Bank was up 1.55%.
ADNOC-linked stocks showed mixed performance, with ADNOC Gas gaining 0.61% and ADNOC Distribution rising 0.258%. In contrast, ADNOC Logistics and Services dropped 1.38%, while ADNOC Drilling slipped 0.67%. Fertiglobe lost 0.59%, while Borouge declined 0.4%.
Holding company 2PointZero rebounded 3.65% after losing almost 5% in the previous session, with its share price closing at Dh1.99. Alpha Dhabi also followed the broader market trend and gained 3.36%.
Real estate giant Aldar posted a modest gain of 0.27%. Companies such as Insurance House, Fujairah Building Industries and Al Buhaira National Insurance almost hit the lower limit with losses of nearly 5%, indicating pockets of continued weakness in the market.
In Dubai, the Dubai Financial Market (DFM) General Index (DFMGI) gained 0.933% to close at 5,661.9, snapping a seven-session losing streak. The session recorded 17,010 trades, with 248 million shares changing hands for a total value of Dh807 million. Market breadth remained positive, with 28 gainers, 13 decliners and 10 stocks unchanged.
Real estate giants bounced back, with Emaar Development rising 2.77% while Emaar Properties gained 0.53%.
Emirates NBD rose 1.69%, while Dubai Islamic Bank gained 2.36%.
Food delivery platform Talabat rose more than 4% and was among the heavily traded stocks.
Road toll operator Salik rose 0.37%, while parking operator Parkin gained 1.85%.
Sharjah-based carrier Air Arabia rose 0.385%, while DEWA lost 1.13%.
“Investors drew relief from reports that US President Donald Trump had called off plans for a fresh strike on Iran,” Nagham Hassan, MENA Market Analyst at eToro, said.
“The strength in bank stocks reflects a powerful combination of solid Q1 earnings across the sector and the sustained confidence boost from the UAE Central Bank's Financial Institution Resilience Package approved in March,” Hassan added.
