A. SREENIVASA REDDY (ABU DHABI)

UAE stock markets bucked the broader GCC downturn to end September higher, despite a challenging regional environment.

The Dubai Financial Market (DFM) gained 2.1% during the month, while the Abu Dhabi Securities Exchange (ADX) advanced 0.6%, according to data released by Kamco Invest.

The MSCI GCC Index declined 3.5% during the month, its steepest fall since November 2025. Saudi Arabia recorded the GCC’s largest decline at 6.2%, followed by Qatar at 5.7%. Bahrain and Kuwait each fell 1.5%, while Oman declined 0.5%.

Regional markets came under pressure from the continuing Middle East conflict, higher oil prices and expectations that interest rates would remain elevated for longer, the report said.

The FTSE ADX General Index advanced for a fourth consecutive month, closing September at 10,070.3 points. It gained 2.7% during the third quarter following advances in July, August and September.

Eight of the ADX’s 10 sector indices posted gains during the month. The real estate sector led with an increase of 6.3%, supported by a 35.5% surge in ARAM Group.

Telecommunications rose 1.7%, helped by a 1.2% gain in e&. Healthcare advanced 3.3%, consumer discretionary rose 2% and energy gained 0.8%.

Financial stocks edged up 0.1%, supported by gains in Abu Dhabi Commercial Bank and Bank of Sharjah.

Basic materials was the weakest-performing ADX sector, declining 3.1%, as Fertiglobe fell 1.5%. Consumer staples slipped 0.3%.

ARAM Group topped the ADX gainers’ list with a 35.5% increase. Bank of Sharjah followed with a gain of 22.8%, while Space42 rose 20.5%. Kamco Invest noted that Space42 was conducting an open-market share-buyback programme covering up to 2.5% of its issued share capital, funded entirely from the company’s cash reserves.

Oman & Emirates Investment Holding was the largest decliner, falling 32.6%. Fujairah Cement Industries dropped 13.3%, while Agility Global declined 10.7%.

Trading activity on the ADX increased during September. Total trading volume rose 26.7% from the previous month to 6 billion shares, while traded value increased 4.9% to Dh24.2 billion from Dh22.2 billion in August. The number of transactions rose to 418,461 from 382,757.

Eshraq Investments was the most actively traded stock by volume, with 1 billion shares changing hands. ADNOC Gas followed with 701.1 million shares and 2PointZero Group with 511.6 million shares. First Abu Dhabi Bank led the ADX by traded value, with transactions worth Dh2.6 billion. ADNOC Gas followed with Dh2.3 billion and Aldar Properties with Dh1.9 billion.

At the end of September, the ADX was trading at an average trailing price-to-earnings ratio of 17.33 times and a price-to-book-value ratio of 2.27 times, according to the report.

In Dubai, the DFM General Index recorded its second consecutive monthly gain and closed at 5,960.5 points. Its 2.1% increase was the largest among GCC markets during September.

Five of the DFM’s eight sector indices advanced during the month. Communications services led with a gain of 6.9%, supported by a similar increase in du. Real estate rose 5.7%, with all seven constituent companies posting gains, led by an 11.4% rise in Union Properties.

Financial stocks also advanced, supported by gains across most of the sector’s constituents, including a 7.1% increase in Emirates Investment Bank. Consumer discretionary declined 5%, while consumer staples fell 4.3%.

 


Dubai Islamic Insurance led the DFM gainers with a 75.3% rise. Islamic Arab Insurance Company gained 30.8%, while SHUAA Capital advanced 26.1%.

Talabat Holding was the biggest decliner, falling 7.5%. Gulf Finance House lost 5.2%, while Emirates Refreshment Company declined 4.3%.

Trading volume on the DFM almost doubled to 6.7 billion shares during September. Traded value rose 17.8% to Dh14.4 billion from Dh12.2 billion in August, while the number of transactions increased to 313,598 from 256,486.

SHUAA Capital was the most actively traded stock by volume, with 1.5 billion shares changing hands. DSI followed with 1.3 billion shares and Talabat Holding with 497 million shares.

Emaar Properties led the market by traded value, with transactions worth Dh5.1 billion. Emirates NBD followed with Dh1.6 billion and du with Dh1.4 billion.

The DFM ended September with an average trailing price-to-earnings ratio of 9.14 times and a price-to-book-value ratio of 1.67 times.