A. SREENIVASA REDDY (ABU DHABI)
UAE stock markets saw a relatively muted session on Wednesday amid a fragile ceasefire and concerns over anticipated hot US inflation data.
The ADX General Index (FADGI) rose a modest 0.16% to close at 9,576.74. Trading activity remained robust, with 22,702 trades involving 298 million shares valued at Dh830 million. The total market capitalisation of ADX-listed stocks stood at Dh2.792 trillion.
Banking stocks posted moderate but notable gains, with Abu Dhabi Islamic Bank rising 2.02% after remaining unchanged in the previous session. Abu Dhabi Commercial Bank gained 0.3%, while First Abu Dhabi Bank added 0.36%.
ADNOC-linked stocks came under pressure, with ADNOC Distribution losing 1.33%. ADNOC Logistics and Services fell 1.9%, while ADNOC Drilling dropped 0.7%. ADNOC Gas gained a modest 0.3%, while Borouge lost 0.4% and Fertiglobe dropped 2%.
Holding company 2PointZero was among the key performers, gaining 3.76% as its share price reached Dh2.21. Alpha Dhabi recorded a modest fall of 0.14%.
Real estate giant Aldar lost 0.54%, reflecting relatively weak sentiment on the property front.
Orascom Construction rose 3.4%, with its share price reaching Dh51.70. AD Ports was among the prominent decliners, losing 4% a day after starting trial operations at a key terminal in Egypt.
In Dubai, the Dubai Financial Market (DFM) General Index (DFMGI) fell 0.472% to close at 5,757.93. The session recorded 16,652 trades, with 309 million shares changing hands for a total value of Dh845 million. Market breadth remained negative, with 14 gainers, 28 decliners and nine stocks unchanged.
Real estate heavyweights Emaar and Emaar Development, key index drivers, lost 1.43% and 1.88%, respectively.
Emirates NBD lost 1.33%, while Dubai Islamic Bank fell 0.68%.
Road toll operator Salik lost 0.35%. Sharjah-based carrier Air Arabia gained 1.49%, while DEWA advanced 0.76%. Telecom giant du posted a modest fall of 0.68%.
Food delivery app Talabat gained 2.34%, with its share price reaching Dh1.31.
“Investors continued to weigh the fragile state of ceasefire negotiations and the prospect of a hot US inflation data,” said Nagham Hassan, Market Analyst at eToro.
“Sentiment remained cautious, with traders reluctant to take on meaningful risk ahead of the May CPI report, widely expected to show inflation at its highest level in three years,” Hassan said.
She said inflationary pressures were being driven largely by elevated energy costs tied to ongoing regional tensions.