UAE stocks surge as Trump signals a break in trade war
A. SREENIVASA REDDY (ABU DHABI)The UAE stock markets appear to have staged a comeback after a prolonged period of volatility triggered by the US policy on tariffs. US President Donald Trump said he had no plans to fire Federal Reserve Chair Jerome Powell and hinted at lower tariffs for China, offering some relief to troubled markets. The Abu Dhabi Securities Exchange's (ADX) general index (FADGI) was up by 0.729%, reaching 9,324.13 points. A total of 22,055 trades were recorded, involving 404 million shares with a combined value of Dh1.296 billion. The total market capitalisation of all companies listed on the ADX reached Dh2.881 trillion.The ADX rally was led by gains made by premium stocks — Multiply (7.34%), Aldar (3.56%), Alpha Dhabi (2.40%) and Presight (4.89%). The other top gainers in the ADX include Pure Health (+4.89%), Sharjah Cement and Industrial Development (+4.62%) and Hayah Insurance (4.57%), while notable losers were National Takaful (-9.89%), Eshraq Investments (-3.07%) and Sudatel Telecommunications (-1.85%).
Dubai Financial Market (DFM) DFM's general index (DFMGI) was up by a big 1.382% to reach 5205.34 points.A total of 12,494 trades were executed at the DFM, involving 291 million shares with a combined value of Dh653 million. The prices of 34 companies rose, while 12 declined, and 6 remained unchanged. Among the top gainers were Mazaya Holding (+14.54%), United Foods (+8.33%) and Orascom Construction (+7.84%). The most notable losers included National General Insurance (-9.89%), International Financial Advisors (-8.18%), Ithmaar Holding (-2.91%) and Dubai Refreshment Company (-1.48%). The DFM rally was led by blue chip stocks such as Emaar (+3.64%), Emaar Developments (+5.48) and Emirates NBD (+2.51)Emirates NBD reported net profit of Dh6.2 billion for the first quarter, beating analysts' expectations of about 5.1 billion dirhams.Elsewhere in the Gulf, Saudi Arabia's benchmark index (TASI) finished 0.8% higher, led by a 3.6% rise in ACWA Power Company and a 2.5% increase in Saudi Telecom Company, according to a Reuters report. The Qatari index (QSI) climbed 1%, with the Gulf's biggest lender Qatar National Bank rising 0.9%.Outside the Gulf, Egypt's blue-chip index (EGX30) jumped 2.6%, as most of its constituents were in positive territory including Commercial International Bank, which was up 2.9%.
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