A. SREENIVASA REDDY (ABU DHABI)
UAE stock markets continued to trade under pressure on Tuesday as the geopolitical environment showed no signs of improvement.
The ADX General Index (FADGI) fell 0.905% to close at 9,699.32. Trading activity remained robust, with 26,712 trades involving 471 million shares valued at Dh1.2 billion. The total market capitalisation of ADX-listed stocks stood at Dh2.819 trillion.
Most blue-chip stocks traded in negative territory, with Orascom Construction among the few gainers, rising 5.56%.
Banking stocks came under selling pressure for the second consecutive day. First Abu Dhabi Bank lost 3.23%, Abu Dhabi Islamic Bank slipped 2.44%, while Abu Dhabi Commercial Bank dropped 1.85%.
ADNOC-linked stocks also came under pressure, with ADNOC Gas losing almost 3% on the day it announced first-quarter results. ADNOC Distribution, ADNOC Logistics and Services and ADNOC Drilling each fell more than 2% after remaining largely steady in the previous session. Fertiglobe lost 1.48%, while Borouge declined 0.4%.
Holding companies 2PointZero and Alpha Dhabi fell 1.44% and 0.14%, respectively, while real estate major Aldar limited its losses to 0.13%.
Lulu Retail Holdings dropped 3.3% after reporting a 33% year-on-year decline in first-quarter net profit and a 2.9% fall in revenue.
In Dubai, the Dubai Financial Market (DFM) General Index (DFMGI) declined 0.64% to close at 5,782.89. The session recorded 18,559 trades, with 224 million shares changing hands for a total value of Dh803 million. Market breadth remained negative, with 17 gainers, 28 decliners and eight stocks unchanged.
Real estate giants Emaar Properties and Emaar Development led the market decline, falling 2.14% and 4.97%, respectively.
Emirates NBD lost 2.69%, while Dubai Islamic Bank gained 0.83%.
Sharjah-based carrier Air Arabia fell 1.78% amid concerns over potential travel disruptions. Road toll operator Salik declined 1.57%, while parking operator Parkin lost 2.72%.
DEWA bucked the broader market trend, gaining nearly 3%, while Mashreq Bank rose more than 2%.
“UAE bourses extended their losses on Tuesday as substantial differences persisted between the US and Iran on a potential peace deal,” Adam Vettese, Market Analyst at eToro, said.
“Overall, risk aversion continued to dominate as investors face significant geopolitical uncertainty,” Vettese added.