A. SREENIVASA REDDY (ABU DHABI)
The UAE’s stock markets softened in November, but Abu Dhabi Securities Exchange (ADX) and Dubai Financial Market (DFM) continued to demonstrate underlying strength supported by resilient trading activity and a number of standout stock performances despite broad pressures on equity markets in the Gulf.
According to the November 2025 monthly market report issued by Kamco Invest, the FTSE ADX General Index fell 3.5% while the DFM General Index declined 3.7% during the month, broadly in line with the correction that swept through regional equity markets.
In Abu Dhabi, the FTSE ADX Index closed November at 9,747.17 points, trimming its year-to-date gain to 3.5%. The report highlighted that sectoral performance was predominantly negative, with nine of the 10 sectors ending lower. Heavyweight segments such as Financials (-2.2%), Telecommunications (-7.5%), and Real Estate (-8.8%) exerted the greatest pressure on the benchmark. The pullback among banks was particularly notable, with First Abu Dhabi Bank down 9.2% and Commercial Bank International down 6.4%, while the healthcare sector posted the steepest monthly decline of 9.7%.
Yet, despite the overall negative tone, several ADX-listed companies delivered strong monthly gains, underscoring the market’s underlying dynamism. Oman & Emirates Investment Holding Company emerged as the month’s top performer with a 26.3% jump, followed by Eshraq Investments (+18.5%) and Alef Education (+14.6%). Eshraq’s performance, Kamco Invest noted, came amid a significant ownership development in which Inventive Investment Holding Limited fully exited its 21.02% stake, selling more than 564 million shares.
Other sectors also showed pockets of resilience. Utilities recorded a marginal 0.3% gain, making it the only sector to finish in positive territory. Basic Materials, Consumer Staples, Energy and Industrials all posted moderate declines ranging from 1.3% to 4.9%, while Consumer Discretionary fell 7.3%.
Market activity in Abu Dhabi held steady despite the correction. Total traded volumes rose 2.2% to 6.4 billion shares, compared with 6.2 billion shares in October. By contrast, traded value slipped 2.3% to Dh25.9 billion, from Dh26.5 billion a month earlier. Eshraq Investments was the most actively traded stock by volume at 1.2 billion shares, followed by Abu Dhabi National Hotels (840 million shares) and ADNOC Gas (538 million shares).
In terms of value traded, International Holding Company (IHC) led with Dh4.1 billion, reaffirming its position as a key driver of liquidity on the ADX. It was followed by Aldar Properties (Dh2.5 billion) and ADNOC Logistics & Services (Dh2.2 billion). Kamco Invest also noted IHC’s forward-looking investment plans, with the company reportedly intending to deploy $24 billion over the next nine months in mining, energy and industrial ventures.
In Dubai, the DFM General Index fell 3.7% in November to close at 5,836.9 points, reversing the 3.8% rise seen in October. Nevertheless, the market retained one of the strongest performances in the GCC for 2025, with a 13.1% year-to-date gain, according to the report.
As in Abu Dhabi, sectoral performance in Dubai was dominated by declines, with six out of eight sectoral indices finishing lower. The Financials Index dropped 5.9%, dragged down by declines in large-cap lenders including Emirates NBD, which fell 13.2%, and Commercial Bank of Dubai, which slipped 4.0%. Emirates NBD’s decline followed disclosures that the bank had agreed to invest $3.05 billion for a 60% stake in India’s RBL Bank.
The Real Estate Index also weighed on the market, retreating 3.8% as five of its seven constituent companies recorded declines. Consumer Staples, Industrials, Consumer Discretionary and Utilities sectors also declined, at varying degrees from 1.5% to 4.0%.
Despite the overall softness, several stocks on the DFM delivered standout monthly gains. The top performer was Ekttitab Holding, which surged 80.3% in November. It was followed by Al Firdous Holdings (+37.2%) and Ithmaar Holding (+29.8%). On the downside, Gulf Navigation posted the sharpest decline at -38.9%, while Aramex dropped 13.5% and Emirates NBD slid 13.2%.
Trading activity sharply intensified during the month. Total traded volumes jumped 65% to 6.5 billion shares, compared with 3.9 billion shares in October. Meanwhile, traded value dipped slightly by 3.6% to Dh12.5 billion. Ithmaar Holding led the volume rankings with 1.3 billion shares traded, followed by Drake & Scull International (1.0 billion shares) and Talabat Holding (800 million shares). In terms of value, Emaar Properties topped the list with Dh3.7 billion, followed by Emirates NBD (Dh970 million) and Dubai Islamic Bank (Dh930 million).
Kamco Invest also noted Dubai’s broader economic environment, highlighting official data showing a 4.4% expansion in Dubai’s economy during the first half of 2025, supported by robust activity across its key sectors.
The softer performance of the UAE markets came against the backdrop of one of the region’s most challenging months in recent years. Kamco Invest reported that the MSCI GCC Index fell 6.9% in November, marking its biggest monthly decline since September 2022. The correction reflected pressure from global emerging market equities and a continued slide in oil prices, which fell for the fourth consecutive month to $63.2 per barrel.
Out of the seven GCC exchanges, only Muscat recorded a gain (1.7%), extending its strong run. Saudi Arabia saw the steepest decline at 9.1%, while Qatar (-3.1%), Bahrain (-1.1%) and Kuwait’s All Share Index (-1.9%) also ended the month in negative territory. The report added that the year-to-date position of the broader GCC market has now turned flat, largely due to the cumulative declines in the Saudi market.