A. SREENIVASA REDDY (ABU DHABI)
UAE stock markets moved in opposite directions on Monday as they reopened after the week-long Eid Al Adha holiday, with Dubai bucking the trend to close higher amid what appeared to be escalating regional geopolitical uncertainty.
The ADX General Index (FADGI) fell 0.53% to close at 9,650.53. Trading activity remained robust, with 47,630 trades involving 491 million shares valued at Dh1.85 billion. The total market capitalisation of ADX-listed stocks stood at Dh2.815 trillion.
Banking stocks bore the brunt of market sentiment, with Abu Dhabi Islamic Bank losing 3.62% and Abu Dhabi Commercial Bank dropping 3.36%. First Abu Dhabi Bank also followed the broader market trend, falling 2.62%.
ADNOC-linked stocks also came under pressure, with ADNOC Gas losing 2.92%. ADNOC Distribution shed 1.53%, while ADNOC Drilling dropped 0.34%. ADNOC Logistics and Services bucked the trend to gain 0.17%. Borouge lost 1.19%, while Fertiglobe suffered the biggest loss among the group, falling 4.18% to close at Dh3.21.
Holding company 2PointZero defied the market trend to gain 2.35%, while Alpha Dhabi lost 0.67%. Property giant Aldar fell 1.54%.
Abu Dhabi National Hotels was a major exception to the broader market trend, posting a steep gain of nearly 15%.
In Dubai, the Dubai Financial Market (DFM) General Index climbed 0.303% to close at 5,774.9. The session recorded 32,500 trades, with 436 million shares changing hands for a total value of Dh1.44 billion. Market breadth remained positive, with 26 gainers, 20 decliners and eight stocks unchanged.
Real estate heavyweights Emaar and Emaar Development fell 1.87% and 4.99%, respectively, weighing on the main index.
Food delivery platform Talabat surged nearly 11% to reach Dh1.22 after Uber launched an attempt to take over its parent company, Delivery Hero.
Emirates NBD dropped 0.8%, while Dubai Islamic Bank gained 1.08%. Road toll operator Salik gained 2.8%, helping push the main index into positive territory.
Sharjah-based carrier Air Arabia slipped 0.82%, while DEWA fell 0.38%.
“UAE equity markets returned from the Eid Al Adha break with a split picture on Monday, as Dubai outpaced Abu Dhabi,” said Nagham Hassan, Market Analyst at eToro.
Hassan said the session on the ADX was dominated by selling in financials and energy, reflecting broader caution around the regional economic outlook.
“e& edged marginally lower by 0.11%, despite confirming the sale of a 12.5% stake in Careem to Uber for $100 million — a deal that drew attention but ultimately failed to move the needle for the telecom giant on the day,” he added.
“Talabat’s surge follows strong underlying business fundamentals in its latest financial disclosure."
Salik recovered 2.8% and du climbed 2.5%, rounding out a positive session for DFM’s consumer and infrastructure names, Hassan added.