UAE markets continue their upward journey
A. SREENIVASA REDDY (ABU DHABI)The UAE stock markets continued to make gains after the three-day break, extending the momentum generated by the easing of tensions between the US, Israel, and Iran.The Abu Dhabi Securities Exchange (ADX) maintained its positive trajectory, with its general index (FADGI) rising by 0.721% to close at 9,957.52. A total of 32,257 trades were executed, involving 638 million shares with a combined value of Dh2.25 billion. The total market capitalisation of all companies listed on the ADX stood at Dh3.093 trillion.Multiply Group stocks led the rally with a 2.45% rise after it announced its decision to sell its district cooling unit to Tabreed for Dh3.8 billion. This move is expected to improve liquidity at the company. Other stocks that contributed to the rally include RAK Properties, which rose by 2.13%, Aldar Properties, up by 1.36%, and Abu Dhabi Islamic Bank, which gained 1.51%.ADX also reported one bulk transaction worth Dh48.85 million involving 32 million shares of Phoenix Group, a crypto mining company.The Dubai Financial Market (DFM) continued its rally for a sixth consecutive session, with its general index (DFMGI) rising by 0.384% to close at 5,705.76—its highest since June 2008. A total of 19,738 trades were executed on the DFM, involving 438 million shares with a combined value of Dh1.13 billion.Share prices of 25 companies rose, 18 declined, and 11 remained unchanged.
Realty giants Emaar and Emaar Developments led the rally with gains of 1.11% and 1.88%, respectively. Union Properties and Amlak Finance also contributed to the rally, with their share prices rising by 5.18% and 3.80%, respectively.
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