Abu Dhabi's FTSE ADX General Index rose 1.1% in July to close at 9,914.62 points, its second consecutive monthly gain after also advancing 1.1% in June. Kuwait fared even better: its blue-chip Premier Market index posted a 1.53% total return over the same period, per Bloomberg data. The two were the only GCC markets to move higher during a month in which the region's benchmark, the MSCI GCC Index, fell 0.7% for a third straight monthly decline. Elsewhere, Dubai's DFM General Index dropped 2.7% to 5,795.9, Bahrain's bourse fell 4.2% to 1,956.33, Oman's MSM 30 posted a -3.06% total return, and Saudi Arabia's TASI extended a fourth consecutive monthly loss of roughly 2%, according to Kamco Invest's GCC Equity Markets Monthly report, as investors weighed softer oil prices and lingering caution around US-Iran negotiations.
July 2026 GCC index snapshot
Abu Dhabi: Telecoms and Financials Drive Gains
Five of ADX's ten sector indices rose in July. Telecommunications led with a 5.7% advance, powered by a 6% rally in e& (Emirates Telecommunications Group). The heavily weighted financial sector added 2.2%, while healthcare rose by 2.6% and consumer discretionary increased by 1.5%, also contributing.
Top individual gainers were Hily Holding, which surged by 18.4%; Al Buhaira National Insurance, up by 16.7%; and First Abu Dhabi Bank, which increased by 14.1%, the latter supported by 1.1% YoY net profit growth to Dh10.8 billion. On the downside, Phoenix Group fell 28% after narrowing its Q2 loss to Dh91 million, while Insurance House fell 13.5% and Aldar Properties fell 10.3%, both weighing on real estate.
Trading activity cooled sharply: volume fell 35.3% to 4.2 billion shares, and value dropped 23.4% to Dh21.9 billion month-on-month. Borouge, ADNOC Distribution, and ADNOC Gas led by volume; Aldar, Alpha Dhabi, and Abu Dhabi Islamic Bank led by traded value.
Dubai: Selective Strength Amid a Broader Pullback
The DFM General Index fell 2.7% in July after June's 3.4% gain, closing at 5,795.9. Only three of eight sectors advanced: materials up by 6.9%, driven entirely by National Cement Company; communication services increased by 6.7%; and financials up by 0.8%. Consumer discretionary led declines at -11.7%, followed by real estate (-7.5%) and industrials down by -5.9%.
Dubai Refreshments Company (+30.5%), Islamic Arab Insurance (+20.4%), and National International Holding (+19.4%) topped gainers, while Talabat Holding fell 14.6%. Traded volume dropped 39.2% to 3.2 billion shares and value fell 43.3% to Dh11.1 billion, with Emaar Properties leading by traded value at Dh3.9 billion.
The Rest of the Region
Saudi Arabia's TASI extended a fourth straight monthly decline of roughly 2%, still weighed down by oil-price softness and Fed rate expectations, even as it remains one of the better year-to-date performers regionally. Bahrain's bourse snapped a three-month winning streak, falling 4.2% as materials were down by 6.6% and financials fell by 4.1%, dragging the index lower. Qatar and Oman also posted losses, consistent with the broad-based regional retreat Kamco Invest described.
Kuwait stood out alongside Abu Dhabi as one of only two markets to post gains, reinforcing a theme seen through much of 2026: GCC performance has become increasingly bifurcated by sector composition, with markets with heavier telecom, banking, or defensive weightings holding up better than real-estate- and materials-heavy exchanges.
ETF Spotlight: Chimera FTSE ADX 15 ETF (CHADX15)
For investors looking to capture Abu Dhabi's July outperformance directly, the Chimera FTSE ADX 15 ETF (CHADX15) is the most relevant ADX-listed vehicle. Managed by Lunate Capital LLC under the Chimera brand and listed on the ADX itself, the fund tracks the FTSE ADX 15 Index, the 15 largest, most liquid companies on the exchange, giving it heavy exposure to the same telecom and banking names (e&, First Abu Dhabi Bank) that drove July's gains.
CHADX15's roughly 1% one-month price return tracks closely with the FTSE ADX General Index's 1.1% July gain, reinforcing that the fund's top-15 concentration is capturing the exchange's broad direction rather than diverging from it. Because the index leans on the same telecom and financial heavyweights that led July's sector table above, CHADX15 is a more direct way to express an ADX-specific view than a diversified regional or MSCI GCC product, which would dilute Abu Dhabi's strength with Dubai, Saudi, and Bahrain's declines.
For sukuk or fixed-income diversification alongside an ADX equity position, Chimera's JP Morgan UAE Bond and Global Sukuk UCITS ETFs, also issued under the Lunate platform, are worth flagging as complementary, lower-volatility building blocks, though a full comparison is outside this piece's scope.
What to Watch in August
With oil prices still sensitive to Strait of Hormuz-related headlines and the Fed's rate path unresolved, sector rotation within GCC markets rather than a uniform regional rally or selloff looks set to persist. Investors tracking CHADX15 or other ADX-linked exposure will want to watch whether telecom and banking strength can broaden, while Dubai, Saudi, and Bahrain markets will need real estate and materials stabilization to arrest their recent slide.
