Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
UAE stock markets rebounded on Monday after Friday’s losses, amid renewed optimism over the regional situation.
The ADX General Index (FADGI) rose 0.963% to close at 9,483.09. The session recorded 30,903 trades involving 425 million shares worth Dh1.53 billion. The total market capitalisation of ADX-listed companies stood at Dh2.499 trillion.
Banking stocks gained, with First Abu Dhabi Bank rising 2.29%, Abu Dhabi Commercial Bank advancing 1.22% and Abu Dhabi Islamic Bank adding 0.55%.
Most ADNOC-linked stocks advanced, with ADNOC Gas rising more than 4%. ADNOC Distribution gained 3.16% after reporting a gross profit of Dh6.124 billion for the first nine months of the year. ADNOC Drilling added 0.97%, while ADNOC Logistics and Services slipped 0.44%. Fertiglobe jumped 4.57%, while Borouge fell 0.44%.
Property developer Aldar rose 2.52%. Among holding companies, Alpha Dhabi gained 3.28% to close at Dh7.25, while 2PointZero slipped 0.5% to Dh1.98.
Telecom operator etisalat rose 1.32% to Dh21.50, extending its recent gains. Abu Dhabi National Investment and Development, formerly known as BILDCO, jumped 7.32%.
In Dubai, the Dubai Financial Market General Index (DFMGI) rose 1.028% to close at 6,087.47. The session recorded 17,128 trades, with 198 million shares changing hands for a total value of Dh1.06 billion.
Market breadth was positive, with 36 gainers and 10 decliners, while six stocks remained unchanged.
Emaar Properties rose 2.4%. Shares in its subsidiary Emaar Development edged up 0.14% to Dh14.72, below Emaar Properties’ cash offer of Dh15 per share. Emaar Properties intends to seek a delisting of the subsidiary if it reaches the required ownership threshold and completes the compulsory acquisition of the remaining shares.
Banking stocks also advanced, with Emirates NBD rising 2.04%, Dubai Islamic Bank gaining 1.52% and Commercial Bank of Dubai adding 0.1%.
Telecom operator du gained 0.47%. Toll operator Salik rose 1.1%, while parking operator Parkin advanced 1.59%. Food delivery platform talabat gained 1.8%.
Sharjah-based airline Air Arabia rose 1.8% amid hopes of a recovery in tourism and travel. ALEC Holding slipped 1.66%, while free zone operator TECOM advanced 2.48%.
Both benchmarks advanced by around 1%, supported by renewed optimism over the regional situation, strong corporate earnings and continued investor confidence in the country’s leading companies, said Sayed A., Chief Business Officer at Graystone Capital.
ADNOC Distribution rose 3.16% after reporting a 37% increase in nine-month net profit to $791 million. Gross profit reached Dh6.12 billion, supported by record fuel volumes, the addition of 71 stations and steady growth in non-fuel retail.
“The company also announced a third-quarter dividend, a reminder of the reliable income UAE blue chips offer investors,” Sayed said.
Commenting on the rally in banking stocks, Sayed said strong capital positions, healthy asset quality and robust domestic credit demand continued to make UAE banks a cornerstone of investor portfolios.
Sayed said gains in Salik, Parkin, talabat and Air Arabia reflected confidence in continued growth in tourism, travel and domestic consumption. He attributed the gains in Aldar and TECOM to sustained demand for real estate and business districts in Abu Dhabi and Dubai.
Sayed said the outlook for UAE equities remained positive, supported by strong corporate earnings, attractive dividends, ongoing corporate transactions and continued economic diversification.
“Monday’s broad-based rally shows once again that the UAE remains one of the region’s most resilient and attractive investment destinations, and that investors are well placed to benefit from its long-term growth story,” he said.
