Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
UAE stock markets remained subdued on Tuesday following a strong rally the previous day, as investors turned cautious ahead of US-Iran talks scheduled for Thursday.
The Abu Dhabi Securities Exchange (ADX) General Index (FADGI) edged down 0.014% to close at 10,637.96. Trading activity stayed robust, with 28,864 trades involving 378 million shares valued at Dh1.548 billion.
The total market capitalisation of ADX-listed stocks stood at Dh3.183 trillion.
Most blue chips declined during the muted session on the ADX. Holding companies Alpha Dhabi and 2PointZero fell 3.19% and 0.49%, respectively.
Banking stocks also weakened, with First Abu Dhabi Bank declining 0.98%, Abu Dhabi Islamic Bank slipping 1.43% and Abu Dhabi Commercial Bank losing 0.26%.
Energy stocks, however, showed some resilience. ADNOC Distribution rose 0.50%, ADNOC Drilling added 0.58% and ADNOC Logistics and Services gained 0.37%. ADNOC Gas fell 0.29% despite being the most traded stock on the ADX.
Americana Restaurants, which had been on a bullish run, lost momentum and declined nearly 2%.
Among the most traded stocks, Presight, the AI arm of G42, and Abu Dhabi National Hotels bucked the broader trend, gaining 0.28% and 1.63%, respectively.
In Dubai, the Dubai Financial Market (DFM) General Index (DFMGI) fell 0.62% to close at 6,669.21. The session recorded 18,981 trades, with 262 million shares traded for a total value of Dh1.226 billion. Market breadth showed 20 gainers, 28 decliners and seven unchanged stocks.
Property heavyweights Emaar and Emaar Developments defied the negative trend, posting marginal gains of 0.29% and 0.26%, respectively.
Banking stocks weighed on the index, with Emirates NBD falling 4.1% and Dubai Islamic Bank declining 1.6%. Emirates NBD recorded one of its sharpest single-day drops in recent times.
Talabat, the food delivery app, reversed Monday’s gains and fell 3.38%. It remained among the most traded stocks, reflecting sustained liquidity.
“UAE equities pared early gains to close lower on Tuesday, tracking softer regional sentiment after Saudi Arabia’s Tadawul index fell 0.8% amid concerns over a widening budget deficit,” said Adam Vettese, Market Analyst at eToro.
Sector performance was mixed, with consumer goods stocks posting selective gains supported by defensive positioning, while industrials and utilities were among the weakest performers, Vettese said.
In Dubai, Emirates NBD gave up part of Monday’s gains, reflecting softer sentiment across banking stocks, he added. Dubai Taxi slipped 0.3% despite reporting higher profits and a dividend increase, suggesting much of the positive news had already been priced in.
