Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
UAE stock markets extended their gains on Thursday, with Abu Dhabi outperforming Dubai as banking stocks rallied, led by First Abu Dhabi Bank (FAB).
The ADX General Index (FADGI) rose 1.467% to close at 9,725.72. The session recorded 63,238 trades involving 559 million shares worth Dh2.85 billion. The total market capitalisation of ADX-listed companies stood at Dh2.549 trillion. FAB shares worth Dh31.72 million changed hands in two bulk transactions, according to an ADX update.
FAB rose more than 9% after announcing plans to raise Dh15 billion through a rights issue priced at Dh13.52 per share, a 30% discount to its November 10 closing price. The prospect of qualifying for the rights issue may have drawn buyers to the stock. Abu Dhabi Islamic Bank rose 3.27%, while Abu Dhabi Commercial Bank advanced 2.89%.
ADNOC-linked stocks were mixed. ADNOC Logistics and Services gained 0.89% after reporting a 321% year-on-year increase in net profit to $887 million. “Performance benefited significantly from strong global demand for energy logistics in the shipping sector,” the company said. It raised its full-year 2026 net profit guidance to $4 billion.
ADNOC Drilling added 0.17%, while ADNOC Distribution fell 0.26%. ADNOC Gas advanced 1.28%, while Borouge slipped 0.44%.
Fertiglobe dropped 2.68% after reporting that its third-quarter adjusted EBITDA fell 19% year-on-year to $231 million, while adjusted net profit attributable to shareholders fell 62% to $51 million. “Significant increases in logistics and operating costs weighed on EBITDA margins,” the company said.
Among holding companies, 2PointZero fell nearly 1% to Dh2.05, while Alpha Dhabi declined 0.42% to Dh7.09. Telecom operator etisalat rose 0.63% to Dh22.50, while property developer Aldar slipped 0.23%.
In Dubai, the Dubai Financial Market General Index (DFMGI) rose 0.219% to close at 6,234.85. The session recorded 22,688 trades involving 353 million shares worth Dh1.11 billion. Market breadth was positive, with 25 stocks rising, 18 falling and 10 unchanged.
Emaar Properties slipped 0.46%, while banking stocks were mixed. Emirates NBD rose 3.45%, while Dubai Islamic Bank fell 1.56%.
Telecom operator du slipped 0.77% to Dh12.90, while parking operator Parkin advanced 0.69%. Food delivery platform talabat rose 1.29%.
Newly listed DIP Holding slipped 1.7% after gaining more than 5% on its first day of trading. ALEC Holding rose 5.2%.
UAE markets maintained their positive momentum, with Abu Dhabi leading the advance as banking stocks attracted strong buying interest, said Milad Azar, market analyst at XTB MENA.
“FAB’s rally reflects investor interest in its proposed rights issue, although the discounted subscription price could create some short-term volatility as the market assesses the potential dilution and capital implications,” Azar said.
Azar said gains were selective across the broader market. Strong results from ADNOC Logistics and Services supported sentiment, while Fertiglobe’s weaker earnings highlighted cost pressures.
“Going forward, corporate earnings and capital-raising plans will remain key drivers of market direction,” he added.
