A. SREENIVASA REDDY (ABU DHABI)
UAE stock markets remained subdued but relatively stable on Thursday, as the situation at the Strait of Hormuz showed no signs of easing.
The ADX General Index (FADGI) fell 0.399% to close at 9,746.70. Trading activity remained robust, with 21,545 trades involving 408 million shares valued at Dh947 million. The total market capitalisation of ADX-listed stocks stood at Dh2.803 trillion.
Holding company 2PointZero was among the few major stocks to post gains, rising 1.95%, while Alpha Dhabi declined 0.55%.
Banking stocks remained under pressure despite the ongoing results season. First Abu Dhabi Bank slipped 2.11%, even after reporting strong results, which appeared to have already been priced in.
Abu Dhabi Islamic Bank declined 1.78%, while Abu Dhabi Commercial Bank, which also announced its first-quarter results, traded flat at Dh12.8 per share.
Among ADNOC-listed companies, Fertiglobe stood out as the sole gainer, rising 0.95%. All other ADNOC stocks remained subdued. ADNOC Distribution fell 0.27%, ADNOC Logistics and Services declined 0.38%, while ADNOC Gas traded flat at Dh3.15. ADNOC Drilling slipped 0.19%, and Borouge lost 0.39%.
NMDC Energy was another notable performer, gaining 2.14% on a day when most stocks faced selling pressure.
In Dubai, the Dubai Financial Market (DFM) General Index (DFMGI) fell 0.034% to close at 5,814.04, indicating resilience to selling pressure. The session recorded 19,519 trades, with 211 million shares changing hands for a total value of Dh823 million.
Market breadth improved, with 19 gainers, 30 decliners, and six stocks unchanged. Emaar declined 0.16%, while Emaar Development traded flat at Dh15.12 per share.
Emirates NBD slipped 0.14%, and Dubai Islamic Bank declined 2.74%. Air Arabia gained 1.17%. Road toll operator Salik fell 0.89%, while utility major DEWA added 0.38%.
“Both UAE bourses closed marginally lower as persistent geopolitical tensions continued to weigh on investor sentiment,” said Adam Vettese, Market Analyst at eToro. “Trading volumes remained healthy but selective, as investors adopted a cautious stance amid regional uncertainties."
Oil prices provided a modestly positive backdrop, with Brent crude rising above the $100-per-barrel level overnight and holding firm near $101–103, supported by ongoing supply concerns.
“Despite generally resilient performances and strong balance sheets, as reflected in the results declared on Thursday by the major banks, momentum across the banking sector remained weak, reflecting broader market caution,” Vettese said.