A. SREENIVASA REDDY (ABU DHABI)
UAE stock markets withstood selling pressure on Thursday, with Abu Dhabi recording solid gains despite the continuing regional uncertainty.
The ADX General Index (FADGI) rose 0.694% to close at 10,075.66. The session recorded 22,228 trades involving 298 million shares worth Dh1.018 billion. The total market capitalisation of ADX-listed companies stood at Dh2.936 trillion.
AD Ports Group remained unchanged at Dh6.03, two days after L’IMAD Holding announced a voluntary cash offer of Dh6.25 per share to acquire the company’s remaining shares. AD Ports was the most actively traded stock by value despite its price remaining unchanged.
Banking stocks came under some pressure, with Abu Dhabi Commercial Bank losing 1.3% and Abu Dhabi Islamic Bank slipping 0.17%. First Abu Dhabi Bank bucked the trend, gaining 0.41%.
ADNOC-linked stocks also delivered a mixed performance following their recent rally. ADNOC Logistics and Services lost 1.45%, while ADNOC Drilling slipped 0.16%. ADNOC Distribution gained 0.24% and ADNOC Gas advanced 0.3%. Fertiglobe rose 1.92%, while Borouge gained 0.83%.
Holding company Alpha Dhabi remained unchanged at Dh7.60, while 2PointZero advanced 1% to Dh2.03.
Real estate major Aldar rose 0.39%, while UAE telecom operator e& fell 0.37%.
Phoenix Group, the crypto mining and data centre infrastructure company, gained 2.9%, reversing some of its recent losses.
Al Seer Marine Supplies and Equipment Company (ASM), which is listed on the ADX Growth Market, gained 0.36% after advancing 15% in the previous session. The company said it was “not aware of any undisclosed material information or developments relating to the Company that could explain such increase.”
ASM holds a 7.3% stake in AD Ports Group and could receive proceeds from the proposed transaction if it accepts L’IMAD Holding’s offer.
In Dubai, the Dubai Financial Market General Index (DFMGI) edged down 0.04% to close at 5,839.53. The session recorded 13,962 trades, with 224 million shares changing hands for a total value of Dh612 million.
Market breadth was positive, with 22 gainers, 21 decliners and 12 stocks remaining unchanged.
Real estate majors Emaar Properties and Emaar Development moved in opposite directions, with the former gaining 0.36% and the latter falling 0.61%. Deyaar, another property developer, gained 0.95%.
Banking stocks delivered a mixed performance, with Emirates NBD losing 0.32% and Dubai Islamic Bank gaining 0.95%. Road-toll operator Salik fell 1.14%, while food-delivery company talabat slipped 0.82%. Air Arabia reversed its recent decline with a gain of 1.23%, while telecom operator du fell 0.18%.
Abu Dhabi’s 0.69% rise highlighted the market’s relative resilience despite regional uncertainty and selling pressure in parts of the banking sector and among some ADNOC-linked stocks, Milad Azar, Market Analyst at XTB MENA, said.
“The advance appears selective, supported by materials-related stocks such as Fertiglobe and Borouge, while solid trading activity indicates continued investor engagement,” Azar said.
The proposed AD Ports transaction remained an important catalyst, although the stock’s unchanged price and continued discount suggests investors are waiting for greater clarity, Azar noted.
Meanwhile, Dubai’s broadly flat performance reflected a more cautious tone, with mixed movements in real estate and banking stocks limiting wider market momentum, he added.