UAE markets continue rally as DFM crosses Dh1 trillion mark
A. SREENIVASA REDDY (ABU DHABI)The UAE stock markets continued to soar to new peaks as the Dubai Financial Market crossed Dh1 trillion in market capitalisation. The Abu Dhabi Securities Exchange (ADX)'s general index (FADGI) rose by 0.253% to close at 10,176.33. First Abu Dhabi Bank (FAB) and Abu Dhabi Commercial Bank (ADCB) led the rally with their share prices rising 2.6% and 1.8%, respectively. A total of 33,525 trades were executed, involving 410 million shares with a combined value of Dh1.70 billion. The total market capitalisation of all companies listed on the ADX stood at Dh3.119 trillion. Other top gainers on the ADX included Oman and Emirates Investment (+9.24%), UAQ Investments (+4.7%) and Bank of Sharjah (3.7%). Notable decliners were Al Khaleej Investments (-9.03%) and Abu Dhabi National Insurance (-4.44%). The DFM continued its rally with its general index (DFMGI) rising by 1.021% to close at 5,974.43. According to Kamco Invest, the combined market capitalisation of all DFM-listed companies reached Dh1.009 trillion at the end of Tuesday trading. The live updates on the combined market cap are not provided by the DFM, unlike ADX. But at the end of trading on Wednesday, the market cap could have risen substantially from Dh1.009 trillion mark because of a strong market rally. A total of 16,112 trades were executed on the DFM, involving 419 million shares with a combined value of Dh988 million. Share prices of 27 companies rose, 20 declined, and eight remained unchanged. Banking stocks — Emirates NBD and Dubai Islamic Bank — led the rally with a 3.7% and Dh2.2% surge, respectively. Air Arabia rose 1.1% as Air Arabia Abu Dhabi has decided to increase its operational capacity by 40% following the closure of Wizz Air Abu Dhabi.
Overall, it is the banking stocks which are leading the rally in the UAE markets in anticipation of good second quarter results.
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