Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
UAE stock markets were relatively muted on Tuesday after several consecutive days of strong gains, with investors largely consolidating recent advances.
The Abu Dhabi Securities Exchange (ADX) General Index (FADGI) rose 0.202% to close at 10,650.86. Trading activity remained strong, with 30,671 trades involving 468 million shares valued at Dh1.72 billion. Total market capitalisation of ADX-listed stocks stood at Dh3.254 trillion.
Aldar continued to be heavily traded a day after declaring its results, gaining 0.37%. Holding companies Alpha Dhabi and 2PointZero Group advanced 2.60% and 2.13%, respectively. Americana Restaurants extended its bull run following its results, posting a strong gain of 7.49%.
Among banking stocks, First Abu Dhabi Bank and Abu Dhabi Islamic Bank rose 0.61% and 0.46%, respectively, while Abu Dhabi Commercial Bank slipped 0.39%.
Within the ADNOC group, ADNOC Gas declined 1.34%, while ADNOC Drilling fell by nearly 1%.
In Dubai, the Dubai Financial Market (DFM) General Index (DFMGI) edged down 0.041% to close at 6,771.6. The session saw 19,251 trades, with 255 million shares changing hands for a total value of Dh1.18 billion. Market breadth showed 26 gainers, 21 decliners, and five unchanged stocks.
Real estate heavyweights Emaar Properties and Emaar Development moved in opposite directions, with Emaar Properties gaining 0.61% while Emaar Development lost 1.19%. Banking giant Emirates NBD rose 1.19%, while Dubai Islamic Bank declined 1.96%. Road toll operator Salik was among the biggest decliners, falling 2.53%, while Sharjah carrier Air Arabia slipped 1.31%.
District cooling firm Empower surged 6.15% after reporting what it described as an “unprecedented” profit of Dh1 billion and revenue of Dh3.42 billion. Food delivery app Talabat was the most actively traded stock by volume, gaining 1.45%.
“UAE equities were mixed by the close, with early weakness persisting despite intraday recovery attempts,” Adam Vettese, market analyst at eToro, said. Softer oil prices and consolidation after recent strength continued to weigh on broader sentiment, Vettese added.
Analysing specific stocks, Vettese noted that United Arab Bank was among the notable laggards on the ADX, falling roughly 2% despite reporting robust full-year profit growth supported by asset expansion and disciplined balance sheet management, with the market likely locking in recent gains.
Elsewhere, Americana Restaurants extended its post-results rally as investors continued to rotate into high-growth, earnings-backed names, he said.
