Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
UAE stock markets braved strong selling pressure on Thursday and closed the day with minimal losses, as remarks by US President Donald Trump appeared to prolong the current geopolitical uncertainty.
The ADX General Index (FADGI) fell 0.695% to close at 9,582.64. Trading activity remained robust, with 22,425 trades involving 500 million shares valued at Dh884.179 million. The total market capitalisation of ADX-listed stocks stood at Dh2.775 trillion.
Banking stocks traded in negative territory, with First Abu Dhabi Bank declining 4.22%. Abu Dhabi Islamic Bank fell 1.44%, while Abu Dhabi Commercial Bank slipped 0.47%.
Holding company 2PointZero declined 2.02%, while Alpha Dhabi advanced 1.86%.
ADNOC-listed companies presented a mixed picture. Fertiglobe and Borouge gained 1.28% and 1.15%, respectively, while ADNOC Gas rose 0.623%. ADNOC Drilling fell 0.58%, ADNOC Distribution declined 1.84%, and ADNOC Logistics and Services slipped 0.19%.
Real estate major Aldar posted a gain of nearly 0.5%, while Orascom Construction rose 3.13%. State energy producer TAQA posted a loss of over 2%.
In Dubai, the Dubai Financial Market (DFM) General Index (DFMGI) slipped 0.611% to close at 5,510.71. The session recorded 17,416 trades, with 206 million shares traded for a total value of Dh938 million. Market breadth included 10 gainers, 35 decliners and seven unchanged stocks.
Real estate giants Emaar and Emaar Development remained flat, helping to contain the sharper decline in the DFM general index.
Among other major stocks, Emirates NBD gained 0.89%, while Dubai Islamic Bank fell 1.75%.
Toll operator Salik and utility major DEWA declined 2.51% and 1.11%, respectively. Parkin dropped 3.71%, contributing to the overall decline of the index.
“Trump’s remarks, which appeared to contradict recent expectations of de-escalation, spooked global markets while sending oil prices sharply higher,” said Adam Vettese, Market Analyst at eToro.
The DFM was weighed down by sector-specific pressures, with Air Arabia among the notable laggards, declining 3.5% on fears of continued travel disruptions, Vettese said.
“The ADX showed relatively greater resilience. United Arab Bank gained 3%, while Orascom Construction extended its recent positive momentum,” he added.
Near-term sentiment is likely to remain cautious until greater geopolitical clarity emerges, Vettese said.
