A. SREENIVASA REDDY (ABU DHABI)

UAE stock markets remained resilient on Wednesday, with Dubai gaining more than 0.5% despite no substantive change in the regional situation.

The ADX General Index (FADGI) fell 0.339% to close at 10,035.86. The session recorded 24,870 trades involving 346 million shares worth Dh1.08 billion. The total market capitalisation of ADX-listed companies stood at Dh2.922 trillion.

ADX reported a bulk transaction worth Dh19.2 million involving shares of Al Wathba National Insurance.

Banking stocks delivered a mixed performance, with Abu Dhabi Islamic Bank gaining 1.29% after announcing plans to raise Dh1.75 billion through a rights issue. Abu Dhabi Commercial Bank rose 0.52%, while First Abu Dhabi Bank slipped 0.92%.

Most ADNOC-linked stocks retreated for a second session following their recent gains. ADNOC Drilling slipped 1.31%, while ADNOC Logistics and Services fell 0.74%. ADNOC Gas dropped 1.52% to Dh3.24, while ADNOC Distribution declined 0.49%. Fertiglobe and Borouge also lost ground, with the former falling 1.51% and the latter declining 0.41%.

Holding companies Alpha Dhabi and 2PointZero made gains with the former rising 1.44% and the latter gaining 0.48%.

Phoenix Group, the crypto mining and data centre infrastructure company, extended its gains from the previous session, rising nearly 1%.

PureHealth and ADNH Catering were among the stocks that gained more than 3%.

In Dubai, the Dubai Financial Market General Index (DFMGI) rose 0.552% to close at 5,866.79. The session recorded 16,090 trades, with 211 million shares changing hands for a total value of Dh728 million.

Market breadth was positive, with 28 gainers, 19 decliners and seven stocks remaining unchanged.

Real estate majors Emaar Properties and Emaar Development advanced, with the former rising 0.73% and the latter gaining 0.62%.

Banking stocks largely followed the broader market trend. Emirates NBD rose 0.39%, while Dubai Islamic Bank remained unchanged at Dh7.30. Mashreq advanced 3.67%.

Telecom operator du rose 2.09% to Dh11.72, contributing to the market’s advance. Road-toll operator Salik gained 1.92%, while food-delivery company talabat rose 0.82%. Sharjah-based airline Air Arabia advanced 0.61%. Etihad Energy, formerly known as Gulf Navigation Holding, gained nearly 2%.

UAE equities delivered a mixed but resilient performance, with Dubai outperforming Abu Dhabi as investors continued to navigate regional uncertainty, Milad Azar, Market Analyst at XTB MENA, said.

“The DFM’s 0.55% gain was supported by Emaar, Mashreq, du and Salik, suggesting selective buying rather than a broad risk-on move,” Azar said.

In Abu Dhabi, profit-taking in ADNOC-linked stocks weighed on the index, while Alpha Dhabi and 2PointZero provided support, Azar said.

“ADIB’s proposed rights issue also kept banking stocks in focus, potentially strengthening the bank’s capital base and supporting its longer-term growth,” he added.