A. SREENIVASA REDDY (ABU DHABI)
UAE stock markets edged back into positive territory on Tuesday, posting moderate gains amid hopes of a breakthrough in US-Iran talks.
The ADX General Index (FADGI) rose 0.197% to close at 9,861.11. Trading activity remained robust, with 24,075 trades involving 708 million shares valued at Dh1.307 billion. The total market capitalisation of ADX-listed stocks stood at Dh2.835 trillion.
Holding company Alpha Dhabi and real estate major Aldar led the gains on ADX, rising 3.36% and 1.21%, respectively. Another holding company 2PointZero gained nearly 1%.
Banking stocks showed a mixed performance. Abu Dhabi Commercial Bank rose 2.17%, while Abu Dhabi Islamic Bank declined 1.7%. First Abu Dhabi Bank traded flat at Dh18.46 per share.
ADNOC-listed companies remained subdued amid uncertainty affecting regional and global supply chains. ADNOC Logistics and Services fell 0.372%, ADNOC Drilling declined 0.57%, and ADNOC Distribution slipped 0.27%. Fertiglobe dropped 2.83%, while Borouge lost 0.78%. ADNOC Gas was the lone gainer in the segment, rising 0.32%.
Abu Dhabi National Hotels entered the list of most traded stocks but fell 1.7% after reporting its first-quarter results, which appeared to reflect the impact of regional developments.
Dana Gas climbed 2.6% after the company approved an 18% dividend hike, rewarding shareholders amid improved cash flows from its Kurdistan gas projects.
Orascom Construction rose 2.3%, supported by its latest results showing higher full-year profit and revenue.
In Dubai, the Dubai Financial Market (DFM) General Index (DFMGI) increased 0.276% to close at 5,878.28. The session saw 19,808 trades, with 376 million shares changing hands for a total value of Dh894 million. Market breadth remained positive, with 29 gainers, 16 decliners, and 12 stocks unchanged.
Emaar and Emaar Development, the sister real estate companies, gained 0.32% and 1.32%, respectively, while Deyaar fell 0.87%. Emirates NBD traded flat at Dh30.20, and Dubai Islamic Bank edged up 0.27%. Air Arabia declined 0.38%.
Road toll operator Salik slipped 0.53%, while utility major DEWA fell 0.73%.
“UAE stock markets made tentative advances on Tuesday amid hopes of peace. Early gains were pared towards the end of the session, reflecting the fragility of the situation,” said Adam Vettese, Market Analyst at eToro.
Industrial services stocks led selective buying in an otherwise cautious session. “This pattern highlights broader investor nervousness amid ongoing uncertainties,” Vettese added.
He noted that any positive diplomatic breakthrough could sustain the recovery, while setbacks may trigger renewed volatility across the markets.