Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
UAE stock markets traded higher as the situation surrounding the Strait of Hormuz remained unresolved.
The ADX General Index (FADGI) rose 0.438% to close at 10,048.29. The session recorded 21,690 trades involving 262 million shares worth Dh919 million. The total market capitalisation of ADX-listed companies stood at Dh2.930 trillion.
Holding companies Alpha Dhabi and 2PointZero led the gains, with the former rising 2.54% and the latter advancing 1.95% to Dh2.09.
Banking stocks delivered a mixed performance, with First Abu Dhabi Bank rising 2.28% while Abu Dhabi Islamic Bank slipped 1.03%. Abu Dhabi Commercial Bank remained unchanged at Dh15.32.
ADNOC-linked stocks retreated following their recent gains. ADNOC Logistics and Services slipped 1.3% to Dh6.81 after BofA raised its price target for the stock to Dh8.60, citing its recent performance and earnings outlook for the remainder of the year and beyond.
ADNOC Drilling slipped 0.16%, while ADNOC Distribution declined 0.49%. ADNOC Gas remained unchanged at Dh3.30. Fertiglobe slipped 0.76%, while Borouge lost 0.82%.
Real estate major Aldar remained unchanged at Dh7.70.
Phoenix Group, the crypto mining and data centre infrastructure company, gained 0.52%, reversing some of its recent losses.
EMSTEEL rose 6.61%, extending its recent rally. AD Ports Group remained at Dh6.05 following L’IMAD Holding’s bid to take it private.
In Dubai, the Dubai Financial Market General Index (DFMGI) rose 0.154% to close at 5,865.58. The session recorded 14,848 trades, with 224 million shares changing hands for a total value of Dh686 million.
Market breadth was positive, with 26 gainers, 17 decliners and 10 stocks remaining unchanged.
Real estate majors Emaar Properties and Emaar Development led the gains, with the former rising 1.28% and the latter advancing 0.62%.
Banking stocks delivered a mixed performance, with Emirates NBD losing 0.71% and Dubai Islamic Bank gaining 1.22%.
Road-toll operator Salik rose 1.16%, while food-delivery company talabat slipped 0.82%. Sharjah-based airline Air Arabia gained 1.22%.
UAE equities showed resilience despite uncertainty surrounding the Strait of Hormuz, with both Abu Dhabi and Dubai ending higher, said Milad Azar, Market Analyst at XTB MENA.
“The ADX’s 0.44% gain reflected selective buying rather than broad-based risk appetite, as investors continued to favour holding companies, select banking stocks and EMSTEEL,” Azar noted.
The retreat in several ADNOC-linked stocks suggested some profit-taking following recent gains, while AD Ports remained supported by L’IMAD Holding’s voluntary cash offer, he added.
“In Dubai, real estate stocks led the advance, highlighting continued investor preference for domestically driven growth despite persistent geopolitical uncertainty,” Azar said.
