Arab stock markets saw a rebound on Monday, recovering some of the losses incurred following the outbreak of military conflict between Israel and Iran. Investor sentiment improved, driven by rising oil prices, leading to an influx of bargain hunting.
UAE indices rose, with overall liquidity exceeding 2.1 billion dirhams through over 45,000 trading transactions. The Dubai Financial Market accounted for 34.5% of total liquidity, amounting to 727 million dirhams across 16,800 transactions, while the Abu Dhabi Securities Exchange captured 61% of the liquidity, totaling nearly 1.38 billion dirhams through 28,200 trades.
Dubai Market
The Dubai Financial Market index increased by 0.8% to reach 5407 points during the first trading session of the week, with total trading value standing at 727 million dirhams. Key sectors such as real estate, finance, and telecommunications drove market activity, with notable gains from companies including Amlak, which rose by 10%, United Foods by 9.5%, and National Insurance by 5.6%. Other significant gains included Al Salam Bank Sudan with a 5.2% increase and Emirates Reem up by 4.7%, while Deyaar posted a growth of 3.2%.
Union Properties closed with a 2.5% rise, while Dewa’s stock increased by approximately 2.2%. Parkin’s stock also rose by 2.3%, and Salik edged up by 0.7%.
Conversely, the most significant declines in the Dubai market were seen in Al Ramz, which fell by 9.6%, followed by Chimera Standard Emirates with a 4.3% decline and PHM Capital down by 2.3%. National Holding’s shares contracted by 2.1%, and Agility’s shares dropped by 1.9%, with Dubai Taxi falling by 0.8%, and Emaar experiencing a decline of 0.4%.
Abu Dhabi Market
The Abu Dhabi Securities Exchange index closed up by 0.2%, reaching 9585 points, with total trading value at 1.4 billion dirhams. The industrial and telecommunications sectors were pivotal in pushing the index higher, as Food Holding and Aldar Properties saw gains of 11.5% each, while Swadel rose by 9.9%. Presight AI increased by 5.8%, and Easy Lease was up by 5.7%.
Adnoc Gas saw a 1.2% rise, closing at 3.39 dirhams, while Multiply’s stock increased by 0.9%. Agility Global shares rose by 3.4%.
On the downside, Umm Al-Quwain Investments saw the most significant reduction of 9.5%, followed by Hayat with a 5.1% drop and Gulf Medical Projects down by 4.4%. Abu Dhabi National Hotels’ shares declined by 4%, with Chimera Standard Kuwait down by 3.8%.
Arab Stock Exchanges
Most major Arab stock markets rose, recovering some of the prior session losses due to the escalation of the Israel-Iran conflict. The Saudi index climbed by 1.2%, boosted by a 1.9% rise in Al Rajhi Bank and a 3.2% increase in Saudi Mining Company. The index had dropped by 1% the previous Sunday.
The Qatari index gained 1.7% after a more than 3% fall, bolstered by a 2.4% rise in Qatar National Bank and a 1.5% increase in Industries Qatar shares. Additionally, the Kuwaiti index rose by 1.4%, the Muscat Exchange increased by 0.70%, and the Bahrain index rose by 0.12%.
Egypt
The Egyptian stock market concluded the session with a collective rise in indices, driven by foreign buying, while local and Arab trading leaned towards selling. Total trading value reached 3.6 billion Egyptian pounds, with market capitalization gaining 10 billion pounds to close at 2.212 trillion pounds.
The EGX 30 index increased by 0.08%, closing at 31,042 points, propelled by gains in Commercial International Bank (CIB), GB Corporation, and Orascom Construction PLC. Meanwhile, the EGX 30 weighted index dipped by 0.12%, closing at 38,631 points, while the EGX 30 total return index rose by 0.03% to settle at 13,934 points.
The small and mid-cap EGX 70 equal-weighted index rose by 1.21%, closing at 9,217 points, and the EGX 100 equal-weighted index increased by 0.87%, finishing at 12,511 points. The Islamic index jumped by 0.44%, closing at 3,243 points.
Jordan
The Jordanian stock market gained ground supported by buying interest in leading shares, particularly Arab Bank, during a corrective phase following a notable decline amid low liquidity. The overall index closed up by 0.65% at 2,652.33 points, with trading value at 6.4 million dinars (around nine million dollars), compared to 6.2 million from the previous session.
Jordan Electric’s shares rose by 0.84% to 2.4 dinars, and Arab Potash’s shares increased by 0.47% to 31.74 dinars, with Arab Bank climbing 2.55% to 5.23 dinars. The oil refinery’s shares, however, fell by 0.21% to 4.82 dinars.