UAE stock markets make gains amid global turmoil
12 Mar 2025 22:59
A. SREENIVASA REDDY (ABU DHABI)The UAE stock markets made handsome gains on Wednesday after several days of volatility triggered by tariff wars and geopolitical tensions. The Abu Dhabi Securities Exchange's (ADX) general index (FADGI) was up by a decent 0.419%, reaching 9,415.75 points. A total of 26,852 trades were recorded, involving 349 million shares with a combined value of Dh1.436 billion. The total market capitalisation of all companies listed on the ADX reached Dh2.892 trillion.Top gainers included UAQ General Investment (+14.44%), United Arab Bank (+10.145%), Phoenix Group (+8.49%) and Sudatel (+7.91%), while notable losers were Ooredoo (-9.37%), Fujairah Cement (-6.83%) and Alpha Data (-5%).The ADX rally was led by a 5.23% surge in ADNOC Gas, a 5.3% rise in real estate giant Aldar, and a 3.48% gain in Borouge. Alpha Data fell to Dh1.52 on the second day of trading after its listing on Tuesday, losing the gains made on the first day. Emirates Driving Company, listed on the ADX under the symbol 'DRIVE,' approved a cash dividend of Dh183 million for shareholders for the 2024 fiscal year. The dividend equates to 17 fils per share, yielding a 6.25% return based on the closing price on March 11, 2025.DFMDFM's general index (DFMGI) was up by 0.689% to reach 5157.12.A total of 14,958 trades were executed at the DFM, involving 187 million shares with a combined value of Dh665 million. The prices of 28 companies rose, while 10 declined, and 13 remained unchanged. Among the top gainers were National General Insurance (+9.42%), Union Properties (+9.24%) and Orascom Construction (+6.73%). The most notable losers included National Industries (-7.72%), National International Holding (-4.26%), Al Mal Capital REIT (-3.57%) and Emirates NBD (-2.67%). Dubai's main share index edged higher, driven by a 3.1% gain by Dubai Islamic Bank and a 2.3% rise by Emaar.Al Ramz Capital announced in a stock market disclosure that it has been appointed as a liquidity provider for Fertiglobe and ADNOC Gas, both of which are listed on the ADX. A listed company appoints a liquidity provider to optimise share trading by enriching the order book, minimising trading spreads, reducing price volatility, and augmenting trading volume. Al Ramz, a licensed market maker on both the DFM and ADX, has more than 25 years of experience in UAE capital markets.In another statement, Emirates Central Cooling Systems Corporation (Empower) said it has signed an agreement to supply district cooling services to the Palm Gateway project in Palm Jumeirah, Dubai.
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