Key Highlights
- USGRWTH, the Lunate S&P US Shariah Growth ETF, fell 1.0% on the day and 2.4% on the week, with a week net outflow of AED 527k, the largest of any ADX-listed ETF.
- INDI, the Lunate S&P India Shariah ETF, traded 5,000 units, 4.1x its 7-day average, the most unusual ETF volume of the session, while falling 1.0% on the day.
- UAEA, the Lunate S&P UAE Shariah ETF, turned over AED 67.1k on 1.41x normal volume but still fell 0.6% on the day with an AED 116k weekly net outflow.
- ADNOCLS, ADNOC Logistics & Services PLC, rose 3.0% on the day on AED 169.92m of trading value, 1.77x its 7-day average share volume.
- FAB, First Abu Dhabi Bank, was the weakest large equity, down 2.8% on the day on AED 92.15m of value.
- IHC, International Holding Company PJSC, recorded the largest weekly equity net outflow at AED 113.9m despite a modest 0.8% one-day decline.
- Nukoud has reported that US Shariah ETFs fell 2% as ADX equities rallied, a divergence the Wednesday session extended.
Market Overview
The clearest story on the Abu Dhabi Securities Exchange on Wednesday was a continued split between the exchange's US-focused Shariah ETFs and its domestic energy equities. USGRWTH, the Lunate S&P US Shariah Growth ETF, fell 1.0% on the day and is down 2.4% over the week, with a weekly net outflow of AED 527k, easily the largest on the ETF board. USVALUE, the Lunate S&P US Shariah Value ETF, lost 0.2% on the day and 1.5% on the week with a further AED 71k weekly outflow. Nukoud has already flagged this pattern of US Shariah ETFs falling while ADX equities rally, and Wednesday's data extended it: ADNOCLS, ADNOC Logistics & Services PLC, gained 3.0% and ADNOCDRILL, ADNOC Drilling Company PJSC, added 2.0%, both on well-above-average volume.
The counterpoint is that the rotation was not a clean move into UAE exposure through funds. UAEA, the Lunate S&P UAE Shariah ETF, traded at 1.41x its 7-day average volume yet fell 0.6% on the day and carries an AED 116k weekly net outflow, and SUKUK, the Lunate JP Morgan Global Sukuk ETF, saw an AED 117k weekly outflow. On the equity side, FAB, First Abu Dhabi Bank, dropped 2.8% and the banks broadly lagged, so the equity rally was concentrated in ADNOC-linked names rather than broad-based.
ETFs
The pressure sat squarely on international, and especially US, exposure. USGRWTH's 1.0% one-day decline came on 6,310 units traded, only 0.44x its 7-day average, so the AED 527k weekly outflow reflects sustained selling rather than a single-session capitulation. USVALUE traded at 0.59x its average and slipped 0.2%. The pattern matches Nukoud's report that US Shariah ETFs have fallen around 2% while ADX equities rallied.
The most unusual volume signal was INDI, the Lunate S&P India Shariah ETF, which traded 5,000 units against a 7-day average of 1,228, a 4.1x ratio by Nukoud calculations based on Nukoud Analytics, while falling 1.0% on the day on AED 15.1k of value. KWTI, the Lunate S&P Kuwait Shariah ETF, was the standout gainer among funds with real turnover, up 1.0% on the day and 3.3% on the week on 2.0x normal volume; the fund's home market has itself been in focus after Nukoud reported that Kuwait trading accounts surged 125% even as traded values fell 45%.
Domestic-exposure funds were mixed rather than strong. CHADX15, the Lunate FTSE ADX 15 ETF, added 0.3% on light volume. UAED, the Lunate S&P UAE UCITS ETF, was flat on 1.19x average volume with an AED 32k weekly outflow, while UAEA led ETFs by notional at AED 67.1k but fell on elevated turnover. GCCDIV, the Lunate Solactive GCC Shariah Dividend ETF, was the biggest fund by value traded at AED 83.6k, yet lost 0.8% on the day on roughly half its normal volume.
Two flow bright spots deserve mention on an objective basis: QUANTM, the Boreas Solactive Quantum Computing UCITS ETF, holds the largest weekly net inflow on the board at AED 203k despite a 1.6% one-day decline, and TURKI, the Lunate S&P Turkey Shariah ETF, combined a 1.1% one-day gain, a 3.4% weekly gain and an AED 69k weekly inflow, the best return-and-flow combination among ADX ETFs.
Equities
Equity strength was concentrated in the ADNOC names. ADNOCLS rose 3.0% on AED 169.92m of trading value, the session's largest, on 1.77x its 7-day average share volume, and is up 8.3% on the week with an AED 42.1m weekly net inflow. ADNOCDRILL gained 2.0% on 1.34x average volume. PUREHEALTH, Pure Health Holding PJSC, added 1.6% and is up 9.1% on the week, while FERTIGLB, Fertiglobe plc, rose 0.8%. The largest single move on the exchange was ASM, Al Seer Marine Supplies & Equipment Company P.J.S.C, up 15.0% on the day and 47.6% on the week on 2.56x normal volume.
The weak spot was financials and holding companies. FAB fell 2.8%, ADIB, Abu Dhabi Islamic Bank, lost 2.0% on just 0.64x average volume, and ADCB, Abu Dhabi Commercial Bank, dropped 1.9%. IHC carries the largest weekly net outflow among equities at AED 113.9m. ADNOCGAS, ADNOC Gas PLC, bucked its stablemates, down 0.9% on the day, though it retains the largest weekly net inflow on the exchange at AED 154.9m.
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.
