A. SREENIVASA REDDY (ABU DHABI)
UAE stock markets remained muted on Tuesday as investors stayed cautious with the earnings season drawing to a close. Geopolitical tensions, with US-Iran talks at a delicate stage, added to the subdued investor sentiment.
The Abu Dhabi Securities Exchange (ADX) General Index (FADGI) inched up 0.002% to close at 10,623.68. Trading activity remained robust, with 22,140 trades involving 262 million shares valued at Dh1.03 billion. The total market capitalisation of ADX-listed stocks stood at Dh3.211 trillion.
Real estate major Aldar extended its positive run, rising 0.53%, while Alpha Dhabi gained 2%. Holding company 2PointZero Group fell 3.76% to Dh2.05.
Among banking stocks, Abu Dhabi Islamic Bank rose 0.77%, Abu Dhabi Commercial Bank slipped 0.39%, and First Abu Dhabi Bank edged up 0.10%.
In the energy segment, most ADNOC-linked stocks declined for the second consecutive day. ADNOC Logistics and Services dropped 1.27%, ADNOC Gas fell 0.56%, ADNOC Drilling lost 0.77%, and ADNOC Distribution slipped 0.49%.
Two other ADNOC-related names moved differently — Borouge rose 0.38%, while Fertiglobe remained flat at Dh2.7.
AD Ports, another prominent state-run company, declined by more than 4% to Dh5.2.
In Dubai, the Dubai Financial Market (DFM) General Index (DFMGI) fell 0.264% to close at 6,684.35. The session recorded 15,914 trades, with 232 million shares traded for a total value of Dh764 million. Market breadth showed 17 gainers, 28 decliners and 10 unchanged stocks.
Banking giant Emirates NBD fell 0.68%, while property major Emaar Developments slipped 0.26%, weighing on the DFM General Index. Dubai Islamic Bank also declined 2.22%, contributing to the overall drop.
Food delivery platform Talabat fell more than 1% for the second consecutive day after results that were perceived to be below expectations. The stock was trading at Dh0.78 at the close on Tuesday. The company has been facing stiff competition from other delivery platforms in the market.
“UAE equities traded sideways as earnings momentum faded and geopolitical uncertainty capped risk appetite,” said Milad Azar, Market Analyst at XTB MENA.
“ADX held flat despite solid liquidity, with selective strength in real estate offset by weakness in ADNOC-linked energy names and AD Ports.”
The DFM softened amid pressure on banking and consumer stocks. “Narrow breadth and post-results volatility in Talabat signal cautious positioning rather than structural selling,” Azar added.
“UAE equities finished mixed, reflecting cautious investor sentiment amid persistent geopolitical and macro headwinds,” said Adam Vettese, Market Analyst at eToro.
Abu Dhabi’s benchmark closed broadly flat, supported by selective buying in blue chips, while Dubai’s DFM index eased, weighed down by financial services, Vettese said.
Dubai Islamic Bank was a notable laggard on the DFM, extending recent declines following analyst downgrades and target price revisions, he added. In contrast, Sharjah Cement and Industrial Development advanced 6%, building on post-earnings momentum as investors reacted positively to improved results and margin resilience, Vettese said.