A. SREENIVASA REDDY (ABU DHABI)
UAE stock markets put up a brave front on Tuesday, recording minimal losses as uncertainty continued over the tense geopolitical situation in the region.
The ADX General Index (FADGI) fell 0.305% to close at 9,595.84. Trading activity remained robust, with 18,735 trades involving 203 million shares valued at Dh660 million. The total market capitalisation of ADX-listed stocks stood at Dh2.768 trillion.
Banking stocks traded in negative territory, with Abu Dhabi Islamic Bank declining 1.79%. Abu Dhabi Commercial Bank slipped 1.09%, while First Abu Dhabi Bank lost 0.58%.
Holding company 2PointZero slipped 0.52%, while Alpha Dhabi declined 1.68%.
ADNOC-listed companies also traded in negative territory. ADNOC Gas fell 1.25%, while ADNOC Logistics and Services slipped 1.89%. ADNOC Drilling declined nearly 1% and ADNOC Distribution lost 0.8%. Fertiglobe fell 1.59%, while Borouge declined 0.77%.
Real estate major Aldar posted a loss of 2.73%.
In Dubai, the Dubai Financial Market (DFM) General Index (DFMGI) slipped 0.807% to close at 5,404.1. The session recorded 17,089 trades, with 378 million shares traded for a total value of Dh981 million. Market breadth included 12 gainers, 29 decliners and 10 unchanged stocks.
Almost all blue-chip stocks traded in negative territory. Real estate giants Emaar and Emaar Development declined 3.86% and 1.04%, respectively.
Among other major stocks, Emirates NBD slipped 1.84%, while Dubai Islamic Bank gained 0.27%.
Toll operator Salik fell 2.15%, while utility major DEWA declined 1.49%. Parkin added 0.21%. National Cement Company and Alet Holdings lost more than 4%, underscoring the negative sentiment in the market. Dubai Islamic Bank and Parkin were among the two prominent gainers.
“Investors remained cautious about adding risk ahead of the US ultimatum for a ceasefire deal in the ongoing regional conflict,” said Adam Vettese, Market Analyst at eToro.
The ADX fared relatively better, shedding a modest 0.3% compared to the DFM, Vettese added.