UAE markets make gains despite geopolitical tensions
A. SREENIVASA REDDY (ABU DHABI)The UAE stock markets made surprising gains on the first day of trading after the US attacks on Iran's nuclear facilities. The rising geopolitical tensions and the threat to close the Strait of Hormuz did not have any dampening effect on the UAE markets.The Abu Dhabi Securities Exchange (ADX) made gains after several days of flat trading, with its general index (FADGI) rising by 0.464% to close at 9,557.58. A total of 19,289 trades were executed, involving 240 million shares with a combined value of Dh840 million. The total market capitalisation of all companies listed on the ADX stood at Dh2.984 trillion.Abu Dhabi National Energy (TAQA) led the rally with a 2.6% gain, followed by Aldar with a nearly 1.9% rise, and Multiply Group with a 1.4% increase. Other top gainers on the ADX included E7 Warrants (+14.29%), Al Khaleej Investment (+11.90%), and Union Insurance (+8.33%). Notable decliners were Gulf Medical Projects (-4.33%), Sharjah Cement (-2.96%), and Pure Health (-2.41%).
DFM The Dubai Financial Market's general index (DFMGI) rose by a fairly big 1.116% to close at 5,411.3. A total of 15,087 trades were executed on the DFM, involving 445 million shares with a combined value of Dh787 million. Share prices of 31 companies rose, 13 declined, and nine remained unchanged.
Union Properties led the rally with a 4.69% rise in share price, followed by Deyaar (4.17%) and Emaar Properties (2.8%). Among the other top gainers on Monday were Ekttitab Holding (+9.58%), National Cements (+11.11%), and Ithmaar Holding (+6.70%). On the losing side, Agility fell by 9%, followed by Dubai National Insurance and Reinsurance (-8.66%), Emirates Investment Bank (-6.67%), and Al Ramz Capital (-4.17%).
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