A. SREENIVASA REDDY (ABU DHABI)

UAE stock markets remained somewhat muted on Thursday, but with a positive bias, as geopolitical headlines continued to shift rapidly.

The ADX General Index (FADGI) rose by a minuscule 0.03% to close at 9,584.97. Trading activity remained robust, with 23,654 trades involving 275 million shares valued at Dh1.06 billion. The total market capitalisation of ADX-listed stocks stood at Dh2.781 trillion.

Banking stocks put up a mixed performance, with Abu Dhabi Commercial Bank losing 1.65%. Abu Dhabi Islamic Bank dropped 1.54%, while First Abu Dhabi Bank rose 0.37%.

ADNOC-linked stocks also showed some strain, with ADNOC Gas losing nearly 1%. ADNOC Logistics and Services dropped 0.18%, while ADNOC Drilling slipped 0.52%. ADNOC Distribution shed 0.53%. Borouge traded flat at Dh2.49, while Fertiglobe rose 0.33% to close at Dh3.01.

Holding company 2PointZero rose 0.48%, while Alpha Dhabi gained a modest 0.27%. Realty giant Aldar fell 1.06% for the second consecutive day, underscoring weakness in the property sector. Phoenix Group, the crypto miner turned data centre operator, rose 5.11%, ending its recent bad run.

In Dubai, the Dubai Financial Market (DFM) General Index (DFMGI) rose by a decent 0.564% to close at 5,718.46. The session recorded 16,257 trades, with 302 million shares changing hands for a total value of Dh837 million. Market breadth remained positive, with 29 gainers, 20 decliners and six stocks unchanged.

Real estate heavyweights Emaar and Emaar Development, the main index drivers, rose more than 1%, reinforcing confidence in the Dubai property sector.

Emirates NBD surprisingly lost 1.26%, while Dubai Islamic Bank declined 0.83%. Road toll operator Salik rose 0.9%. Sharjah-based carrier Air Arabia lost 0.42%, while DEWA gained 0.78%.

Talabat continued its surge with a 6.8% rise. It was one of the most actively traded stocks, helping propel the Consumer Discretionary sector up 5.17%.

“Investor sentiment remained cautious, with buyers selectively targeting individual names rather than expressing any broad-based conviction,” Nagham Hassan, Market Analyst at eToro, said.

“Heading into Friday, investors will be monitoring US non-farm payrolls, any shift in US-Iran negotiations and oil price direction through the Strait of Hormuz for cues on where regional markets head next,” Hassan said.