Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
UAE stock markets remained subdued on Wednesday as investors stayed cautious amid the lack of a breakthrough on the geopolitical front.
The ADX General Index (FADGI) fell 0.521% to close at 9,598.37. Trading activity remained robust, with 23,952 trades involving 595 million shares valued at Dh1.15 billion. The total market capitalisation of ADX-listed stocks stood at Dh2.783 trillion.
Two bulk deals worth Dh98 million involving shares of Manazel Real Estate were reported.
Banking stocks set the tone for the market, with First Abu Dhabi Bank falling 2.58%, while Abu Dhabi Islamic Bank slipped 0.81%. Abu Dhabi Commercial Bank also declined 0.89%.
ADNOC-linked stocks were relatively resilient, with ADNOC Drilling gaining 2.34% and ADNOC Logistics and Services adding 0.7%. ADNOC Gas fell 0.9%, while ADNOC Distribution remained flat at Dh3.88. Fertiglobe rose 0.59% to close at Dh3.4, while Borouge remained unchanged at Dh2.49.
Holding company Alpha Dhabi showed some strength, with its stock rising 2.4%, while 2PointZero slipped 0.5% to Dh1.98. Space42 was among the select gainers, advancing more than 2.4%.
Real estate giant Aldar fell 0.67%, reflecting the broader weakness in the market amid the current situation.
Stocks such as Al Dhafra Insurance, Phoenix Group and Al Buhaira National Insurance declined between 4% and the maximum permitted daily limit of 5%.
In Dubai, the Dubai Financial Market (DFM) General Index (DFMGI) edged down 0.618% to close at 5,626.91. The session recorded 18,066 trades, with 311 million shares changing hands for a total value of Dh768 million. Market breadth remained negative, with 11 gainers, 32 decliners and eight stocks unchanged.
Real estate heavyweights Emaar Development and Emaar once again led the market decline, falling 3.12% and 1.06%, respectively.
Emirates NBD also followed the downward trend, declining 0.65%, while Dubai Islamic Bank dropped 0.54%.
Gulf Navigation, which recently rebranded itself as Etihad Energy, rose 3.26% after reporting revenue of Dh109.7 million, up 60% year-on-year.
Food delivery platform Talabat attracted strong investor interest, gaining nearly 5% on the back of robust earnings, an active share buyback programme, and Barclays raising its price target on parent company Delivery Hero from €35.50 to €39.10 while maintaining an overweight rating.
Road toll operator Salik fell 0.91%. Sharjah-based carrier Air Arabia dropped 1.27%, while DEWA lost 0.38%.
“UAE equity markets moved sideways today as sentiment remained cautious, with investors closely watching geopolitical developments,” said Nagham Hassan, Market Analyst at eToro.
“The session’s biggest mover was Manazel, which surged 13.83% after shareholders at its Annual General Assembly approved a recovery strategy covering loan restructuring, cost reduction, and the exploration of merger and partnership opportunities,” Hassan noted. Manaze is listed on the Growth market of ADX.
“Overall, the market remains in a holding pattern. Individual earnings stories are doing the heavy lifting while investors wait for clarity on the Strait of Hormuz situation. Until that clarity emerges, more sessions like this are likely,” she added.
