Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
The UAE stock markets dropped slightly due to regional developments on Tuesday, even as the Abu Dhabi market reported large bulk transactions involving Alpha Dhabi, 2PointZero and Anan Investments.
The Abu Dhabi Securities Exchange (ADX) General Index (FADGI) fell 0.965% to close at 9,964.22. Trading remained active, with 16,143 trades involving 1.1 billion shares and a total value of Dh8.90 billion. The value of the day’s trading was boosted by three bulk transactions.
Shares of Alpha Dhabi worth nearly Dh8 billion were traded in a single transaction at Dh9.65. This represented more than 8% of the company’s total market capitalisation, which stood at Dh97 billion at the close of trading on Tuesday.
In the second bulk transaction, 2PointZero shares worth Dh1.5 billion were sold at Dh2.69. The shares traded accounted for more than 1.5% of the company’s total market capitalisation of Dh90 billion.
Alpha Dhabi and 2PointZero, both affiliates of International Holding Company (IHC), have reported multiple bulk transactions in recent weeks, possibly pointing to a realignment in shareholding patterns. The third bulk transaction involved Anan Investment and was valued at Dh40.3 million.
The total market capitalisation of ADX-listed stocks stood at Dh3.142 trillion.
Most blue-chip companies suffered sharp losses as the market index declined by nearly 1%. Realty major Aldar fell 3.59%, followed by First Abu Dhabi Bank, which declined 2.8%, 2PointZero, which slipped 2.24%, and Alpha Dhabi, which was down 1.36%.
RAK Bank, which gained 4.21%, and AD Ports, which rose 1.68%, were among the prominent gainers.
In Dubai, the Dubai Financial Market General Index (DFMGI) fell 1.99% to close at 6,014.95. The session recorded 13,309 trades, with 208 million shares changing hands for a total value of Dh608 million. Market breadth showed five gainers, 46 decliners and three unchanged stocks.
Most blue-chip stocks suffered significant losses. Realty majors Emaar Development, Emaar and Deyaar declined 3.56%, 2.80% and 1.92%, respectively. Banking leaders Dubai Islamic Bank and Emirates NBD fell 2.33% and 1.39%.
