Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
The UAE stock markets continue to scale new peaks on Thursday as the Abu Dhabi Securities Exchange’s general index (FADGI) rose 0.650% and the Dubai Financial Market (DFM)’s index (DFMGI) was up by a massive 2.154%.
The optimism over the second-quarter earnings appears to be a significant driving force behind the UAE market rally.
The ADX main index closed at 10,242.49, with its market capitalisation reaching Dh3.132 trillion. The main market’s market cap too crossed the Dh1 trillion milestone.
First Abu Dhabi Bank (FAB), Multiply Group and Aldar led the rally with their share prices rising 3.5%, 3% and 1.6%, respectively.
A total of 37,057 trades were executed, involving 433 million shares with a combined value of Dh1.60 billion.
Other top gainers on the ADX included Commercial Bank International (+10.11%), Bank of Sharjah (+8.11%) and UAQ National Bank (+6.4%).
Notable decliners were Oman and Emirates Investments (-10.00%) and National Co. for Building Materials (-4.54%).
The DFM’s general index crossed the 6,000 milestone to reach 6103.09 with its market cap well above the Dh1 trillion mark.
A total of 16,914 trades were executed on the DFM, involving 327 million shares with a combined value of Dh967 million.
Share prices of 22 companies rose, 20 declined, and 11 remained unchanged.
Banking stocks — Emirates NBD and Dubai Islamic Bank — led the rally with a 4% and 1.9% surge, respectively.
Air Arabia rose 3.9% as Air Arabia Abu Dhabi has decided to increase its operational capacity by 40% following a new opportunity in the Abu Dhabi market. Realty giants — Emaar and Emaar Developments — saw a spike of over 2%.
