FAB results trigger ADX rally
A. SREENIVASA REDDY (ABU DHABI)The UAE stock markets made a dramatic leap on Wednesday, with the main indices of the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) rising by 1.15% and 1.09%, respectively.First Abu Dhabi Bank (FAB) and Multiply Group led the rally at the ADX, with their share prices rising nearly 5% and 3.4%, respectively. FAB shares surged after the bank reported a record net profit of Dh10.63 billion for the first half of the year — the highest ever for a half-year period. The 5% increase marked the bank's biggest intraday gain. Bank of Sharjah shares also climbed 10%, following a sharp rise in its half-yearly profit.Optimism surrounding second-quarter earnings and a trade deal struck between the United States and Japan appear to have triggered the rally in the UAE markets.The ADX main index (FADGI) closed at 10,296.28, with its market capitalisation reaching Dh3.142 trillion. The main market's capitalisation stood at Dh3.020 trillion.A total of 26,211 trades were executed on the ADX, involving 396 million shares with a combined value of Dh1.38 billion.The DFM's general index (DFMGI) reached 6,086.19, with its market capitalisation surpassing the Dh1 trillion mark.A total of 6,086 trades were executed on the DFM, involving 217 million shares with a combined value of Dh662 million. Share prices of 26 companies rose, 16 declined, and 10 remained unchanged.
Emaar Developments and Emirates NBD led the rally with gains of 3.4% and 2.9%, respectively.
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