A. SREENIVASA REDDY (ABU DHABI)
UAE stock markets moved into positive territory on Thursday amid mixed signals surrounding the geopolitical situation in the region.
The ADX General Index (FADGI) edged up 0.399% to close at 9,636.68. Trading activity remained robust, with 21,177 trades involving 319 million shares valued at Dh897 million. The total market capitalisation of ADX-listed stocks stood at Dh2.796 trillion.
Banking stocks set the tone for the market, with First Abu Dhabi Bank rising 1.2%, while Abu Dhabi Islamic Bank gained 1.22%. Abu Dhabi Commercial Bank advanced 0.3%.
ADNOC-linked stocks showed a mixed performance, with ADNOC Logistics and Services adding 1.05% while ADNOC Gas rose 0.61%. ADNOC Drilling lost 0.66% while ADNOC Distribution slipped 0.52%. Fertiglobe gained 0.88%, while Borouge remained unchanged at Dh2.49.
Holding company 2PointZero surged more than 5% to Dh2.08, while Alpha Dhabi fell 2.07%.
Real estate giant Aldar gained 0.54% despite weakness in the broader real estate sector.
Presight advanced 2.98% while EMSTEEL rose 2.70%. Crypto miner-turned-data centre operator Phoenix Group continued to decline, falling 0.84%.
In Dubai, the Dubai Financial Market (DFM) General Index (DFMGI) rose 0.6% to close at 5,660.69. The session recorded 13,863 trades, with 272 million shares changing hands for a total value of Dh784 million. Market breadth remained positive, with 33 gainers, 11 decliners and 10 stocks unchanged.
Real estate heavyweights Emaar and Emaar Development led the market rally, rising 1.07% and 1.46%, respectively.
Emirates NBD also traded higher, gaining 1.07%, while Dubai Islamic Bank slipped 0.27%.
Food delivery platform Talabat continued its positive trajectory, rising 1.37%.
Road toll operator Salik added 0.92%. Sharjah-based carrier Air Arabia advanced 2.36%, while DEWA gained 0.38%.
“UAE equity markets traded in a tight range as investors remained watchful ahead of what could be a pivotal weekend in the US-Iran negotiations. Sentiment is cautiously optimistic rather than outright bullish,” Nagham Hassan, Market Analyst at eToro, said.
Banking stocks provided the backbone of ADX resilience, signalling that institutional investors are selectively rotating back into quality financials, Hassan noted.
“With UAE equity markets shutting for Eid from May 26, investors will be watching the regional headlines very closely before the long break,” Hassan added.