Key Highlights
- SAUDIA, the Lunate S&P KSA Shariah ETF, gained 2.4% on the day on 105,832 shares against a 4,750 seven-day average, AED 357.8k notional, the highest of any ADX ETF (Nukoud calculations based on Nukoud Analytics).
- TURKI, the Lunate S&P Turkey Shariah ETF, was the best-returning ETF, up 6.2% on the day and 8.6% on the week on 2.2 times normal volume.
- QUANTM, the Boreas Solactive Quantum Computing UCITS ETF, was down 4.9%, and down 5.3% on the week.
- ADCB, Abu Dhabi Commercial Bank, was down 2.8% on the day on 2.3 times its seven-day average volume.
- SPACE42, SPACE42 PLC, rose 3.5% on the day, the strongest equity move, on 3.8 times normal volume.
- ADNOCGAS, ADNOC GAS PLC, led equity turnover at AED 103.93m despite a 1.5% one-day decline.
Market Overview
Tuesday's session on the Abu Dhabi Securities Exchange belonged to the ETF board, and to one fund in particular. SAUDIA, the Lunate S&P KSA Shariah ETF, traded 105,832 shares against a seven-day average of 4,750, a ratio of 22.3, by far the most unusual volume reading of the session (Nukoud calculations based on Nukoud Analytics). It closed 2.4% higher, generating AED 357.8k of notional, more than every other ADX ETF combined. The activity coincided with the fund's underlying market moving higher, as the Saudi benchmark rose 0.65% and closed near its intraday peak.
The tension sits inside the same ticker. Despite Tuesday's price gain and heavy trading, SAUDIA shows the week's largest ETF net outflow at AED -307k, so the surge in turnover has not translated into net accumulation over the trailing seven days. Equities gave the ETF story no cover either. ADCB, Abu Dhabi Commercial Bank, fell 2.8% on elevated volume, FAB, First Abu Dhabi Bank, lost 2.4%, and ADNOCGAS, ADNOC GAS PLC, the day's biggest equity by value traded, slipped 1.5%.
ETFs
SAUDIA's session was exceptional on every liquidity measure. Its 22.3 times volume-versus-average reading dwarfs the next busiest funds, UAED, the Lunate S&P UAE UCITS ETF, at 3.3 times, and GRMNY, the Lunate S&P Germany UCITS ETF, at 3.1 times (Nukoud calculations based on Nukoud Analytics). Its AED 357.8k notional was the largest of any ADX-listed fund. The catch is the flow line: at AED -307k of net weekly outflow, SAUDIA has seen the heaviest selling pressure of any ETF over the trailing seven days, so Tuesday's buying interest arrives against a week of net exits.
By return, TURKI, the Lunate S&P Turkey Shariah ETF, was the clear leader, up 6.2% on the day and 8.6% on the week on 2.2 times normal volume, though it too shows a weekly net outflow of AED -64k. At the other end, QUANTM, the Boreas Solactive Quantum Computing UCITS ETF, fell 4.9% on the day on 1.2 times normal volume with an AED -93k weekly outflow, the second-largest among funds.
The UAE-focused funds sat on the wrong side of the board. UAED fell 1.0% on 3.3 times normal volume, and UAEA, the Lunate S&P UAE Shariah ETF, slipped 0.4% on just 18% of its usual activity with an AED -52k weekly outflow. That matters for index-tracking investors because a corporate action is reshaping the underlying market: an $8.6 billion take-private deal for AD Ports stands to alter UAE ETF exposure, and ADPORTS remains one of the largest lines in ADX equity turnover.
Fixed income was the quieter constructive corner. SUKUK, the Lunate JP Morgan Global Sukuk ETF, was flat on the day but traded 1.5 times its normal volume with AED 32k of weekly net inflow, activity consistent with GCC sukuk yields holding near 5% as US Treasury rates rise. The move away from USGRWTH continued from Monday's session, with the Lunate S&P US Shariah Growth ETF again carrying a large weekly outflow, AED -103k, despite a 0.5% one-day gain.
Equities
Equity strength was narrow and mid-cap in character. SPACE42, SPACE42 PLC, rose 3.5% on 3.8 times its seven-day average volume, the largest gain and one of the most unusual volume readings on the equity board. ADNOCLS, ADNOC LOGISTICS & SERVICES PLC, added 1.6%, ADNOCDRILL, ADNOC Drilling Company PJSC, gained 1.5%, and ALDAR, Al Dar Properties, rose 1.2% with an AED 17.4m weekly net inflow.
The weakness was concentrated in the banks and the biggest tickets. ADCB fell 2.8% on 2.3 times normal volume with an AED -55.0m weekly net outflow, and FAB dropped 2.4% on thin trade, roughly 60% of its usual volume, with an AED -59.4m weekly outflow. EAND, Emirates Telecom Group Company (Etisalat Group) PJSC, lost 1.9% on about half its normal activity.
ADPORTS, Abu Dhabi Ports Company PJSC, was flat on the day but is up 18.2% on the week, the largest one-week equity gain on the exchange, with AED 97.19m traded on Tuesday, consistent with continuing positioning around the $8.6 billion take-private transaction. IHC, International Holding Company PJSC, closed near flat but carries the largest weekly net outflow of any listed name at AED -76.9m.
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