Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
UAE stock markets traded in positive territory on Monday as expectations of a US Federal Reserve interest-rate increase receded and oil shipments through the Middle East improved.
The ADX General Index (FADGI) rose 0.376% to close at 10,010.55. The session recorded 19,385 trades involving 213 million shares worth Dh863 million. The total market capitalisation of ADX-listed companies stood at Dh2.623 trillion.
Banking stocks were mixed. Abu Dhabi Islamic Bank rose 1.05% and First Abu Dhabi Bank gained 0.21%, while Abu Dhabi Commercial Bank slipped 0.97%.
Most ADNOC-linked stocks gained, supporting the index. ADNOC Drilling rose 1.24%, ADNOC Logistics and Services advanced 0.71% and ADNOC Distribution gained 0.25%. ADNOC Gas remained unchanged at Dh3.30. Fertiglobe dropped 0.4%, while Borouge rose 0.43%.
Telecom operator e& rose 0.19% to Dh21.22, while real estate major Aldar gained 0.49%.
Among holding companies, 2PointZero advanced 1.78% to Dh2.29, while Alpha Dhabi rose 0.54% to Dh7.51.
Consumer-focused stocks performed strongly as the S&P Global UAE Purchasing Managers’ Index remained at 55.3 in September, indicating robust activity in the non-oil private sector. Lulu Retail rose 3.75%, Americana Restaurants advanced 4.3% and supermarket operator MAIR Group gained 4.06%.
In Dubai, the Dubai Financial Market General Index (DFMGI) rose 0.115% to close at 5,908.13. The session recorded 13,548 trades, with 192 million shares changing hands for a total value of Dh444 million.
Market breadth was negative, with 16 gainers and 27 decliners, while nine stocks remained unchanged.
Real estate major Emaar Properties slipped 0.18%, while its subsidiary Emaar Development fell 0.62%, limiting the index’s advance.
Banking stocks gained on the DFM, with Emirates NBD advancing 0.13% and Dubai Islamic Bank adding 0.14%.
Toll-gate operator Salik slipped 0.18%, while parking operator Parkin advanced 1.17%. Utility provider DEWA surged 3.82%, helping lift the main index into positive territory.
Telecom operator du advanced 0.66% to close at Dh12.12. Sharjah-based airline Air Arabia declined 2.95%, while food-delivery platform talabat dropped 0.45%.
UAE equities showed resilience as reduced expectations of a near-term US Federal Reserve interest-rate increase supported sentiment, while more stable oil shipments eased immediate regional concerns, Milad Azar, Market Analyst at XTB MENA, said.
“The UAE PMI reading of 55.3 confirms that non-oil activity remains firmly in expansionary territory, providing a supportive backdrop for corporate earnings and sectors driven by domestic demand,” Azar said.
The strong performances of Lulu Retail, Americana Restaurants and MAIR Group highlighted investors’ preference for consumer-focused stocks with visible growth prospects, he said.
“However, the mixed performance of banking stocks and negative market breadth in Dubai suggest that investors remain selective, focusing on earnings quality rather than taking on broad market exposure,” Azar added.
