Key Highlights
- UAEA, the Lunate S&P UAE Shariah ETF, traded 10,443 shares, 2.11x its seven-day average, worth AED 92.6k, while slipping 0.6% on the day and posting the week's largest UAE-fund net outflow at AED -117k.
- USGRWTH, the Lunate S&P US Shariah Growth ETF, gained 1.2% on the day and led ETF turnover at AED 124.0k, yet carries the largest weekly net outflow on the board at AED -530k.
- AGIX, the KraneShares Artificial Intelligence & Technology ETF, was the day's weakest ETF at -4.4%, though on just 78 shares traded.
- KWTI, the Lunate S&P Kuwait Shariah ETF, traded 9.9x its seven-day average volume (Nukoud calculations based on Nukoud Analytics), while easing 1.0% on the day.
- ASM, the Al Seer Marine Supplies & Equipment Company P.J.S.C, rose 15.4% on 5.58x average volume, taking its one-week gain to 48.1%.
- FERTIGLB, the Fertiglobe plc, led ADX_EQTY gainers at +2.7% on 4.12x normal volume and AED 41.81m traded.
- ADCB, the Abu Dhabi Commercial Bank, was the weakest large equity at -3.2% on the day on above-average volume of 1.15x.
Market Overview
Thursday's session on the Abu Dhabi Securities Exchange was defined by a split between the exchange's ETF shelf and its equity board. UAEA, the Lunate S&P UAE Shariah ETF, saw turnover of 2.11x its seven-day average yet fell 0.6% and sits on a weekly net outflow of AED 117k, while USGRWTH, the Lunate S&P US Shariah Growth ETF, rose 1.2% but carries the week's largest outflow at AED 530k. That pattern of US-facing Shariah funds losing money even as ADX equities rally extended a divergence Nukoud flagged this week.
The counterpoint is that the equity strength was itself uneven. Energy-adjacent names such as FERTIGLB, the Fertiglobe plc, and ADNOCLS, the ADNOC LOGISTICS & SERVICES PLC, gained on heavy volume, but banks pulled the other way, with ADCB, the Abu Dhabi Commercial Bank, down 3.2% and FAB, the First Abu Dhabi Bank, down 2.4% on the day. The session's biggest mover, ASM, the Al Seer Marine Supplies & Equipment Company P.J.S.C, is a single-name story rather than a market one.
ETFs
Activity concentrated in the UAE and US Shariah funds. UAEA traded 10,443 shares against a seven-day average of 4,960, worth AED 92.6k, the second-largest ETF notional of the day (Nukoud calculations based on Nukoud Analytics). Despite the turnover, the fund fell 0.6% on the day, is down 1.1% on the week, and its AED -117k weekly net flow is the largest outflow among UAE-focused funds.
USGRWTH was the day's most traded ETF by value at AED 124.0k on roughly normal volume of 0.98x its seven-day average. It rose 1.2% on the day but is flat to slightly down over the week, and its AED -530k weekly net outflow dwarfs every other line. Money has been leaving US Shariah exposure listed on ADX even while local equities firm, and Thursday's flows confirm the pattern rather than reverse it.
Volume anomalies stretched further. KWTI, the Lunate S&P Kuwait Shariah ETF, traded 6,000 shares versus a 606-share average, 9.9x normal, while easing 1.0% on the day. GRMNY, the Lunate S&P Germany UCITS ETF, traded 3.35x its average and gained 1.0%. USTBILL, the Lunate iBOXX US Treasury Bill ETF, traded 2.86x its average on AED 37.6k of value.
On the lagging side, AGIX, the KraneShares Artificial Intelligence & Technology ETF, fell 4.4%, the day's worst ETF return, though on only 78 shares. QUANTM, the Boreas Solactive Quantum Computing UCITS ETF, dropped 2.4% on just 5.5% of its normal volume, yet holds the week's largest ETF net inflow at AED 234k. GCCDIV, the Lunate Solactive GCC Shariah Dividend ETF, the largest ETF by seven-day average volume, traded less than half its usual shares, fell 1.1%, and is down 3.0% on the week. INDI, the Lunate S&P India Shariah ETF, and JPANI, the Lunate S&P Japan UCITS ETF, did not trade at all.
Equities
Equity strength came from energy services and chemicals. FERTIGLB rose 2.7% on 4.12x its seven-day average volume and AED 41.81m of value, taking its weekly gain to 5.1% with AED 12.4m of weekly net inflows. ADNOCDRILL, the ADNOC Drilling Company PJSC, added 1.8% and ADNOCLS gained 1.5%, extending its one-week advance to 6.8%. The strength is consistent with crude prices rising around 3% on Thursday as US rhetoric against Iran hardened, though banks did not participate.
The standout single name was ASM, up 15.4% on 5.58x normal volume and AED 37.08m traded, extending a 48.1% one-week gain. That move sits well outside the rest of the board and accounted for much of the day's speculative turnover.
The weak spot was the banking complex. ADCB fell 3.2%, FAB 2.4% and ADIB, the Abu Dhabi Islamic Bank, 2.2%, all on volume at or above their seven-day averages. ADIB also carries an AED 60.4m weekly net outflow. IHC, the International Holding Company PJSC, rose 1.1% but shows the largest weekly net outflow on the exchange at AED 77.6m, and ALPHADHABI, the ALPHA DHABI HOLDING PJSC, was flat with AED 17.9m of weekly outflows. The day's largest turnover, AED 109.42m in ADPORTS, the Abu Dhabi Ports Company PJSC, produced a flat close.
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.