Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
UAE stock markets came under pressure on Wednesday as the regional situation appeared to worsen, although gains in several ADNOC-linked stocks helped limit the decline in Abu Dhabi.
The ADX General Index (FADGI) slipped 0.912% to close at 10,006.12, remaining above the 10,000 mark. The session recorded 24,139 trades involving 300 million shares worth Dh1.106 billion.
The total market capitalisation of ADX-listed companies stood at Dh2.921 trillion.
AD Ports Group remained unchanged at Dh6.03, two days after L’IMAD Holding announced its intention to make a voluntary cash offer of Dh6.25 per share to acquire the company’s remaining shares.
Banking stocks suffered sharp losses, with First Abu Dhabi Bank falling 2.8%. Abu Dhabi Islamic Bank slipped 2.04%, while Abu Dhabi Commercial Bank followed with a loss of 1.91%.
For the second consecutive session, several ADNOC-linked stocks advanced, helping to stem the decline in the main index. ADNOC Logistics and Services rose 2.98%, while ADNOC Drilling advanced 1.98%. ADNOC Distribution gained 0.24%, while ADNOC Gas lost 0.9%. Fertiglobe advanced 0.77%, while Borouge remained unchanged at Dh2.42.
Holding company Alpha Dhabi rose 0.13%, while 2PointZero declined 0.5% to Dh2.01.
Real estate major Aldar lost 0.25%, while UAE telecom major e& fell 0.91%.
In Dubai, the Dubai Financial Market General Index (DFMGI) fell 0.28% to close at 5,841.85. The session recorded 14,645 trades, with 188 million shares changing hands for a total value of Dh598 million.
Market breadth was negative, with 18 gainers, 22 decliners and 11 stocks unchanged.
Real estate majors Emaar Properties and Emaar Development declined, with the former losing 0.18% and the latter falling 0.31%.
Banking stocks followed the broader market trend, with Emirates NBD losing 3.01% and Dubai Islamic Bank declining 0.67%. Losses in the major banking and real estate stocks contributed to the fall in the main index.
Road-toll operator Salik rose 0.19%, while food-delivery company talabat gained 0.83%. Air Arabia extended its decline with a loss of 0.61%, while telecom operator du fell 0.53%.
UAE markets came under clear selling pressure as rising regional uncertainty prompted investors to reduce their exposure, particularly to banking stocks, Milad Azar, Market Analyst at XTB MENA, said.
“The sharp declines in FAB, ADIB and ADCB highlight a more defensive tone, while Dubai’s weakness in major banking and real estate stocks reinforces the broader risk-off sentiment,” Azar said.
“ADNOC-linked stocks provided an important cushion for Abu Dhabi, with strong gains in ADNOC L&S and ADNOC Drilling limiting the index’s decline,” he added.
The ADX index remaining above 10,000 was technically positive, but sustained regional stability would be required for a meaningful recovery, Azar said.
