Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
UAE stock markets continued their rebound on Wednesday, as positive sentiment triggered by the US-Iran deal continued to support markets across the world.
The ADX General Index (FADGI) rose 0.331% to close at 9,996.20. Trading activity remained strong, with 34,245 trades involving 433 million shares valued at Dh1.726 billion. The total market capitalisation of ADX-listed stocks stood at Dh2.929 trillion.
Banking stocks were at the forefront of the rally, with Abu Dhabi Commercial Bank gaining 4.85%. Abu Dhabi Islamic Bank added 2.26%, while First Abu Dhabi Bank advanced 1.48%.
ADNOC-linked stocks posted a moderate and mixed performance. ADNOC Distribution added 1.54%, while ADNOC Logistics and Services gained 0.5%. ADNOC Gas lost 0.86%, while ADNOC Drilling traded flat at Dh6.13. Fertiglobe, which had gained strongly on anticipated supply concerns during the crisis, lost 4.91%, while Borouge traded flat at Dh2.56.
Holding company 2PointZero traded flat at Dh2.21, while Alpha Dhabi lost 0.25% after an impressive performance in the previous session.
Real estate giant Aldar continued its rebound, rising 4.69%, signalling renewed investor confidence in the sector.
Telecom operator e& gained 0.94%, while NMDC Energy advanced 4.45%.
In Dubai, the Dubai Financial Market General Index (DFMGI) rose 1.007% to close at 6,115.97. The session recorded 23,173 trades, with 410 million shares changing hands for a total value of Dh1.47 billion. Market breadth remained positive, with 31 gainers, 10 decliners and 11 stocks unchanged.
Real estate heavyweights Emaar and Emaar Development rose 3.41% and 0.96%, respectively, driving the rally in the main index.
Emirates NBD gained 0.87%, while Dubai Islamic Bank added 0.26%. Road toll operator Salik gained 1.54%. Sharjah-based carrier Air Arabia advanced 3.15%, while DEWA gained 1.09%.
“The continuation of the rally across both Abu Dhabi and Dubai suggests sentiment is increasingly supported by improving fundamentals rather than solely by geopolitical relief,” said Milad Azar, Market Analyst, XTB MENA.
Banking stocks were the main catalyst, with strong gains in ADCB, ADIB and FAB highlighting expectations of resilient earnings and healthy credit demand, Azar said.
Elevated trading activity further indicates that investors remain engaged as risk appetite gradually improves, Azar said.
“Market leadership is also rotating toward sectors tied to domestic growth, particularly real estate and financials,” Azar added.
Aldar’s sharp advance, together with gains in Emaar and Emaar Development, reflects confidence in the UAE’s economic momentum and the outlook for the property market, Azar said.
“The pullback in Fertiglobe signals that investors are unwinding defensive positions established during the recent tensions,” Azar said.
