A. SREENIVASA REDDY (ABU DHABI)
Abu Dhabi’s stock market gained on Wednesday, while Dubai’s main index slipped amid an escalating regional situation.
The ADX General Index (FADGI) rose 0.854% to close at 10,106.60. The session recorded 30,255 trades involving 435 million shares worth Dh1.39 billion. The total market capitalisation of ADX-listed companies stood at Dh2.641 trillion.
Banking stocks recorded strong gains, with Abu Dhabi Commercial Bank advancing 2.6%, First Abu Dhabi Bank rising 1.64% and Abu Dhabi Islamic Bank adding 1.04%.
ADNOC-linked stocks also gained, contributing to the market’s rally. ADNOC Drilling rose 1.03%, while ADNOC Gas added 1.24%. ADNOC Distribution remained unchanged at Dh4.03, while ADNOC Logistics and Services gained nearly 3% to reach Dh7.07. Fertiglobe remained unchanged at Dh2.82, while Borouge bucked the trend by slipping 1.25%.
Among holding companies, 2PointZero dropped 0.45% to Dh2.23 following the previous day’s rally. Alpha Dhabi remained unchanged at Dh7.43.
Real estate major Aldar declined 0.38%, while telecom operator e& added 0.46%, extending the previous day’s gains.
Abu Dhabi National Company for Building Materials (BILDCO) showed no signs of slowing down, adding 4.24%. NMDC also joined the market rally with a gain of 4.24%.
In Dubai, the Dubai Financial Market General Index (DFMGI) dropped 0.324% to close at 5,927.4. The session recorded 17,192 trades, with 346 million shares changing hands for a total value of Dh570 million.
Market breadth was negative, with 16 gainers and 21 decliners, while 14 stocks remained unchanged.
Real estate major Emaar Properties fell 0.72%, while its subsidiary Emaar Development advanced 0.31%.
In contrast to the ADX, banking stocks retreated, with Emirates NBD losing 1.82% and Dubai Islamic Bank slipping 0.14%.
Telecom operator du added 0.17%, extending the previous day’s rally, as did its Abu Dhabi-listed competitor e&.
Utility provider DEWA lost 2.86%, while road-toll operator Salik gained 1.31%.
The Abu Dhabi market showed resilience, with the ADX gaining 0.85% as banking and ADNOC-linked stocks provided strong support, Milad Azar, Market Analyst at XTB MENA, said.
“Gains in ADCB, FAB and ADIB indicate continued investor confidence in the UAE’s banking sector, while strength in energy-related shares helped offset weakness in selected stocks,” Azar said.
Dubai, meanwhile, remained under pressure, with the DFM falling 0.32% amid regional uncertainty.
“The divergence suggests that investors are favouring Abu Dhabi’s stronger institutional and energy exposure, while Dubai’s property, banking and utility stocks faced greater selling pressure,” Azar added.