A. SREENIVASA REDDY (ABU DHABI)
UAE stock markets remained subdued on Thursday as the much-awaited breakthrough in Iran-US tensions appeared unlikely in the near term.
The ADX General Index (FADGI) slipped 0.06% to close at 9,704.53, less than one point below the previous close. Trading activity remained robust, with 24,269 trades involving 340 million shares valued at Dh852 million. The total market capitalisation of ADX-listed stocks stood at Dh2.818 trillion.
Banking stocks witnessed muted trading. First Abu Dhabi Bank lost 0.47%, Abu Dhabi Islamic Bank slipped 0.7%, while Abu Dhabi Commercial Bank remained flat at Dh13.8.
ADNOC-linked stocks, however, posted gains despite broader selling pressure on ADX. ADNOC Drilling rose 0.81%, while ADNOC Distribution gained 0.78%.
ADNOC Gas added 0.61% and ADNOC Logistics and Services advanced 0.52%.
Borouge remained flat at Dh2.5 and Fertiglobe also closed unchanged at Dh3.33.
Holding company 2PointZero lost nearly 1% to close at Dh2.03, while Alpha Dhabi fell 1.13% to Dh7.18. Real estate major Aldar bore the brunt of the weak sentiment, declining 1.1% despite announcing a Dh1.1 billion acquisition of a rental residential community that will add to its fixed-income assets.
AD Ports gained traction with a rise of 1.83% following better-than-expected Q1 results. Dana Gas climbed 3.59% after announcing a 72% increase in Q1 net profit.
In Dubai, the Dubai Financial Market (DFM) General Index (DFMGI) declined 0.413% to close at 5,735.38. The session recorded 14,268 trades, with 185 million shares changing hands for a total value of Dh624 million. Market breadth remained negative, with 15 gainers, 27 decliners and 11 stocks unchanged.
Real estate giants Emaar Properties and Emaar Development posted relatively modest declines of 0.51% and 0.14%, respectively. Emirates NBD fell 0.71%, while Dubai Islamic Bank gained 0.56%.
Road toll operator Salik declined 1.56%, while parking operator Parkin edged up 0.18%.
Sharjah-based carrier Air Arabia fell 1%, while DEWA lost 1.81%.
Talabat emerged as the star performer on Thursday, rising 3.77%, and was among the most traded stocks on DFM. The company posted robust results and raised its guidance last week.
“Cautious sentiment persisted across UAE equity markets as investors awaited meaningful breakthroughs in US-Iran relations,” Adam Vettese said.
According to Vettese, a meeting between US President Donald Trump and Chinese President Xi Jinping in Beijing could carry significant implications for global risk appetite and commodity prices.
“A constructive outcome on trade tariffs or diplomatic coordination regarding Iran could reduce the geopolitical premium, stabilise oil flows, and boost investor confidence in the UAE’s energy and export-oriented sectors,” Vettese said.