A. SREENIVASA REDDY (ABU DHABI)
The UAE stock markets remained in a bearish zone on Wednesday, with the Abu Dhabi Securities Exchange (ADX) and Dubai Financial Market (DFM) recording declines for several consecutive sessions.
The ADX’s General Index (FADGI) fell 0.263% to 9,735.66. A total of 18,882 trades were executed, involving 304 million shares with a combined value of Dh926 million. The total market capitalisation on ADX stood at Dh3.073 trillion.
Bitcoin miner Phoenix Group rose nearly 3% to Dh1.05, breaking its recent losing streak. The company appears positioned for a potential recovery in its share price in the last quarter, according to analyst commentary in its most recent report. ADNOC Distribution was the only major blue-chip stock to register gains, rising 0.78%. 2PointZero fell 2.6%to Dh2.64, giving up some of the gains accumulated over the past few sessions. Other notable decliners included Abu Dhabi Islamic Bank (-1.1%) and RAK Properties (-2.4%).
Over in Dubai, the DFM’s General Index (DFMGI) slipped 0.245% to close at 5,808.72. The index has now spent more than a week trading well below the 6,000 level, underscoring a sustained bearish trend across UAE markets.
The DFM session recorded 14,167 trades, totalling 370 million shares worth Dh550 million. Nineteen companies advanced, 24 declined, and six remained unchanged.
Food-delivery app Talabat, which has faced heavy pressure since its listing, gained 5.23% to Dh0.885, though the price remains well below its debut level. Most blue chips traded flat or below their previous close. Among the decliners were Salik (-0.68%), Emirates NBD (-0.20%) and Aramex (-2.39%).
Market sentiment remained fragile, according to Milad Azar, market analyst at XTB MENA.
“The UAE stock markets extended their decline as prevailing negative sentiment kept pressure on most sectors, particularly in Dubai where broad-based weakness continued,” Azar said.
“Despite the ongoing bearish tone, the current downturn appears more sentiment-driven than fundamentally justified,” he added. Azar said key economic indicators in the UAE remain strong, supported by resilient non-oil growth, solid liquidity levels and sustained confidence in government-led development initiatives.
“While further short-term downside cannot be ruled out amid global market volatility, the overall economic backdrop suggests that a market stabilisation and potentially a recovery is plausible once sentiment improves and investors refocus on the UAE’s robust fundamentals,” the veteran analyst noted.