Key Highlights
- GCCDIV, the Lunate Solactive GCC Shariah Dividend ETF, led ETF notional at AED 233.7k, on 1.97x its 7-day average volume, but fell 0.5% on the day and carries a 1-week net outflow of AED 37k.
- KWIN, the KraneShares Wahed Alternative Income Index ETF, traded 12.1x its 7-day average volume with AED 58.2k notional and a weekly net inflow of AED 55k; USTBILL, the Lunate iBOXX US Treasury Bill ETF, traded at 3.0x average.
- QUANTM, the Boreas Solactive Quantum Computing UCITS ETF, was flat 1-day on AED 197.3k notional, 1.83x normal volume, with the largest weekly ETF net inflow at AED 186k.
- PUREHEALTH, Pure Health Holding PJSC, rose 11.5% on the day on 4.9x average volume; EMSTEEL, EMSTEEL Building Materials PJSC, gained 9.6% on 23.1x average volume.
- ADNOCGAS, ADNOC Gas PLC, fell 0.6% on the day and is down 2.9% over the week, despite a 1-week net inflow of AED 187.2m, the largest on the tape.
- IHC, International Holding Company PJSC, closed flat 1-day but shows the largest 1-week net outflow at AED 158.6m.
- Equity turnover across the 16 tracked names totalled roughly AED 946m today (Nukoud calculations based on Nukoud Analytics).
Market Overview
Monday's session on the Abu Dhabi Securities Exchange was defined on the ETF side by a rotation of turnover into income and cash-proxy funds. GCCDIV, the Lunate Solactive GCC Shariah Dividend ETF, dominated ETF trading value at AED 233.7k, nearly double its 7-day average volume, while KWIN, the KraneShares Wahed Alternative Income Index ETF, USTBILL, the Lunate iBOXX US Treasury Bill ETF, and BONDAE, the Lunate JP Morgan UAE Bond UCITS ETF, all traded at multiples of their normal volume. The pattern is consistent with a session in which regional shipping risk was front of mind, as traffic through the Strait of Hormuz fell to a new low ahead of the US-Iran ceasefire expiry.
The counterpoint is that the busiest ETFs were not the best performers. GCCDIV fell 0.5% on the day, and both UAEA, the Lunate S&P UAE Shariah ETF, and SAUDIA, the Lunate S&P KSA Shariah ETF, slipped 0.6%. Meanwhile the equity board told a different story entirely, with three names, PUREHEALTH, EMSTEEL and MODON, posting gains of 7.5% to 11.5% on volumes far above normal, so the exchange's headline strength was concentrated rather than broad.
ETFs
The clearest ETF signal was in the volume data rather than in returns. KWIN traded 616 shares against a 7-day average of just 51, a 12.1x ratio, for AED 58.2k of notional, and closed flat with a weekly net inflow of AED 55k. USTBILL traded 3.0x its average at AED 28.2k, and BONDAE traded 7.0x its average, albeit off a tiny base of 194 shares. Taken together, the fixed-income and alternative-income cluster saw the most abnormal activity of any ETF group on the exchange (Nukoud calculations based on Nukoud Analytics).
GCCDIV was the liquidity leader by value. Its AED 233.7k of notional on 64,116 shares was the largest of any ADX ETF, on 1.97x normal volume, yet the fund fell 0.5% on the day, is down 1.1% over the week, and shows a modest weekly net outflow of AED 37k. Elevated turnover paired with a falling price and negative flow reads as distribution rather than accumulation, though the flow figure is small in absolute terms.
QUANTM, the Boreas Solactive Quantum Computing UCITS ETF, ran a close second by value at AED 197.3k on 1.83x average volume, ending flat 1-day and up 0.4% on the week. Its AED 186k weekly net inflow is the largest of any ADX-listed ETF, which makes it the standout on the flow measure even without a price move.
The laggards were the UAE and Saudi trackers. UAEA fell 0.6% on 1.1x average volume, SAUDIA fell 0.6% on low volume, and CHADX15, the Lunate FTSE ADX 15 ETF, traded just 100 shares, under a tenth of its average. USGRWTH, the Lunate S&P US Shariah Growth ETF, traded 2.2x normal volume but carries the largest weekly ETF net outflow at AED 154k. Five funds, including SUKUK and LUXURY, did not trade at all.
Equities
Equity strength was narrow and volume-driven. PUREHEALTH, Pure Health Holding PJSC, rose 11.5% on 12.8m shares, 4.9x its 7-day average. EMSTEEL, EMSTEEL Building Materials PJSC, gained 9.6% on 23.1x average volume, the most extreme volume ratio on the exchange. MODON, Modon Holding PJSC, added 7.5% on 14.3x average volume and AED 101.8m of value, though it recorded a weekly net outflow of AED 1.2m. ADNOCLS, ADNOC Logistics and Services PLC, rose 2.6% on the day and 8.9% over the week with an AED 72.7m weekly net inflow, a move that sits alongside reports of shipping in the Strait of Hormuz grinding to a halt and a broad jump in the cost of moving goods through global chokepoints. In the wider maritime sector, AD Ports Group received a full cash takeover offer at AED 6.25 per share.
The weak side was in the heavyweights. ADNOCGAS, ADNOC Gas PLC, fell 0.6% on roughly half its normal volume and is down 2.9% on the week, despite the largest weekly net inflow on the board at AED 187.2m. ALPHADHABI, Alpha Dhabi Holding PJSC, lost 0.7%. IHC, International Holding Company PJSC, closed flat but carries the largest weekly net outflow at AED 158.6m. FAB, First Abu Dhabi Bank, traded just 0.28x its average volume, leaving the banks quiet: ADCB, Abu Dhabi Commercial Bank, was the sector's best at +0.8%, and ADIB, Abu Dhabi Islamic Bank, added 0.3%.
This article was created with AI assistance and reviewed by our Editorial staff before publication. This article is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Please review the relevant securities website and factsheets before making any investment decision. See our full disclosures.
