Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
UAE stock markets outperformed GCC peers in June, with the Abu Dhabi Securities Exchange (ADX) gaining 1.1% and the Dubai Financial Market (DFM) adding an impressive 3.4%, according to monthly data from Kamco Invest.
The report said Oman’s MSX 30 index witnessed the biggest decline in the GCC and was down for the second consecutive month with a slide of 3.2%, followed by Qatar and Saudi benchmarks with declines of 3% and 2.5%, respectively. Kuwait’s All Share Index fell 1.2%. The MSCI GCC index slid 1.6%, nearly wiping out all gains since the start of the year, Kamco Invest data showed.
The FTSE ADX on Abu Dhabi exchange advanced by 1.1% during June, recovering from the 0.8% contraction recorded in May, and closed the month at 9,804.16 points, the report said.
Sectoral performance on ADX was moderately tilted towards gainers, with six out of 10 sector indices posting gains during the month. The market was supported by heavily weighted sectors such as real estate and telecommunications, which rose 6.3% and 6.2%, respectively.
In terms of individual stock performance, Al Dhafra Insurance Co topped the monthly gainers’ chart on ADX, with its shares surging 32.1%. Agility Global and Al Buhaira National Insurance Co followed with gains of 17.3% and 17.1%, respectively.
On the decliners’ side, Fertiglobe registered the largest drop on ADX, with its share price declining 17.6%. It was followed by National Corp. for Tourism & Hotels and United Arab Bank, which posted declines of 7.4% and 6.4%, respectively.
Trading activity on ADX increased during June after a decline in the previous month. The total volume of shares traded surged 31.6% to 6.5 billion shares, compared with 4.9 billion shares in May. The total value of shares traded rose to Dh28.6 billion from Dh20.8 billion in the previous month.
Eshraq Investments was the most active stock on ADX by volume, with 840.3 million shares traded. ADNOC Gas followed with 636.1 million shares, while RAK Properties recorded 486.5 million shares.
In terms of value traded, Aldar Properties led ADX with Dh3.9 billion worth of shares exchanged during the month. Abu Dhabi Commercial Bank followed with Dh2.4 billion, while ADNOC Gas recorded Dh2.2 billion in traded value.
In Dubai, the DFM General Index surged 3.4% during June, rebounding from a slight decline of 0.1% recorded in May. Kamco Invest said DFM was the best-performing market in the GCC during June.
Sectoral performance on DFM was also positive, with six out of the eight sectors registering gains during the month, while two indices posted declines.
The consumer discretionary index posted the biggest sectoral gain on DFM, rising 11.5%, closely followed by consumer staples with a double-digit gain of 10.4%.
In terms of monthly stock performance, Spinneys topped the gainers’ table on DFM with a 13% rise in its share price. It was followed by Islamic Arab Insurance, which gained 12.1%, and Talabat Holding, which rose 11.8%.
On the decliners’ side, Emirates Refreshment Company led with a share price decline of 11.1%. National Cement and Dubai National Insurance followed with declines of 9.2% and 9.1%, respectively.
Trading activity on DFM improved during the month, with volumes increasing 24.8% to 5.3 billion shares in June, compared with 4.2 billion shares in May. The total value of shares traded rose at a faster pace of 52.9% to Dh19.7 billion, compared with Dh12.9 billion in May.
Talabat Holding topped the monthly volume chart on DFM, with 1.5 billion shares traded. Emaar Properties followed with 614.5 million shares, while DEWA recorded 302.2 million shares.
In terms of value traded, Emaar Properties led DFM with Dh7.4 billion worth of shares exchanged during the month. Emirates NBD followed with Dh2.1 billion, while Talabat Holding recorded Dh1.9 billion in traded value.
