A. SREENIVASA REDDY (ABU DHABI)

UAE stock markets traded mixed on Tuesday, with Abu Dhabi remaining in positive territory while Dubai came under selling pressure.

The ADX General Index (FADGI) rose 0.174% to close at 10,135.93. The session recorded 23,493 trades involving 334 million shares worth Dh1.04 billion. The total market capitalisation of ADX-listed companies stood at Dh2.647 trillion.

Banking stocks advanced, with First Abu Dhabi Bank adding 0.71%. Abu Dhabi Islamic Bank gained 0.34%, while Abu Dhabi Commercial Bank rose 0.49%.

ADNOC-linked stocks presented a mixed picture. ADNOC Logistics and Services gained 1.62%, while ADNOC Drilling slipped 0.86%. ADNOC Gas remained unchanged at Dh3.26, while ADNOC Distribution rose 0.5%. Fertiglobe lost 2.32%, while Borouge gained 0.42%.

Space42 extended its gains, rising 0.94%. Among holding companies, 2PointZero gained 0.44% to close at Dh2.26, while Alpha Dhabi added 0.27%.

Real estate major Aldar lost 0.89%, while telecom operator e& declined 0.36% to close at Dh21.90.

In Dubai, the Dubai Financial Market General Index (DFMGI) fell 0.823% to close at 5,927.38. The session recorded 18,628 trades, with 293 million shares changing hands for a total value of Dh921 million. Market breadth was negative, with 15 gainers and 32 decliners, while seven stocks remained unchanged.

Real estate major Emaar Properties lost 2.07%, while its subsidiary Emaar Development slipped 1.21%.

Banking stocks traded in negative territory for a second consecutive day, with Emirates NBD losing 0.51% and Dubai Islamic Bank slipping 1.49%.

Telecom operator du gained 0.68%. Utility provider DEWA lost 0.36%, while toll gate operator Salik declined 1.49%. Food delivery platform talabat gained 0.88% to close at Dh1.15.

Abu Dhabi’s modest gain reflected underlying resilience, with banking stocks and selected ADNOC-linked companies providing enough support to offset weakness in real estate and other large-cap stocks, Milad Azar, Market Analyst at XTB MENA, said.

“Gains in FAB and ADNOC Logistics suggest that investors remain selective, focusing on companies with strong fundamentals and earnings visibility,” Azar said.

However, the mixed performance of ADNOC-linked stocks and the decline in Aldar pointed to continued caution amid elevated geopolitical risks and uncertainty over global interest rates, he added.

“Dubai’s sharper decline points to increased profit-taking and weaker risk appetite, particularly in Emaar and banking stocks,” Azar said.

He said the negative market breadth indicated that selling in Dubai was relatively broad rather than confined to a few stocks.

“Overall, investors in the UAE markets appear to be balancing attractive valuations and corporate fundamentals against macroeconomic and geopolitical uncertainty,” Azar added.