A. SREENIVASA REDDY (ABU DHABI)
UAE stock markets advanced on Thursday, with Abu Dhabi and Dubai extending their recovery despite regional tensions and higher interest rates.
The ADX General Index (FADGI) rose 0.466% to close at 10,160.84. The session recorded 22,773 trades involving 372 million shares worth Dh1.18 billion. The total market capitalisation of ADX-listed companies stood at Dh2.651 trillion.
Banking stocks were mixed, with Abu Dhabi Islamic Bank losing 0.85% and Abu Dhabi Commercial Bank remaining unchanged at Dh16.34. First Abu Dhabi Bank rose 1.73%.
ADNOC-linked stocks delivered a subdued performance. ADNOC Logistics and Services lost 1.34%, while ADNOC Gas remained unchanged at Dh3.26. ADNOC Distribution rose 0.74%, while ADNOC Drilling slipped 0.69%. Fertiglobe rose 0.8%, while Borouge gained 0.42%.
Real estate major Aldar rose 2.39%, building on the previous day’s gain. Space42 also continued its positive run, gaining 3.62%. Telecom operator e& rose 0.36%.
Among holding companies, 2PointZero rose 3.6% to close at Dh2.29, while Alpha Dhabi gained 1.32%, signifying the advent of optimism in markets.
In Dubai, the Dubai Financial Market General Index (DFMGI) rose 0.337% to close at 5,986.76. The session recorded 19,344 trades, with 270 million shares changing hands for a total value of Dh1.12 billion.
Market breadth was marginally positive, with 23 gainers and 22 decliners, while six stocks remained unchanged.
Real estate major Emaar Properties gained 0.51%, while its subsidiary Emaar Development declined 0.45%. Banking stocks were mixed, with Emirates NBD losing 0.06% and Dubai Islamic Bank adding 1.03%.
Telecom operator du gained 1.03%. Utility provider DEWA rose 0.36%, while toll gate operator Salik lost 0.19%. Food delivery platform talabat gained 0.88% to close at Dh1.15.
Abu Dhabi equities extended their recovery, with the ADX gaining 0.47% as investors remained resilient despite regional tensions and elevated interest rates, Milad Azar, Market Analyst at XTB MENA, said.
“Gains in FAB, Aldar and Space42, as well as holding companies 2PointZero and Alpha Dhabi, provided important support. ADNOC-linked stocks delivered a more mixed performance, pointing to selective rather than broad-based buying,” Azar said.
Dubai also advanced, with the DFM gaining 0.34%. “Overall, the market action points to improving sentiment. However, the uneven gains and continued geopolitical uncertainty suggest that investors remain cautious and focused on liquid blue-chip stocks,” Azar said.