Key Highlights
- SAUDIA, the Lunate S&P KSA Shariah ETF, rose 1.8% on the day on 164,262 shares, 3.6 times its seven-day average, worth AED 527.5k, against AED 1,184k in weekly net outflows.
- TURKI, the Lunate S&P Turkey Shariah ETF, was the top ETF by 1-day return, up 6.2%, extending a 8.6% 1-week gain.
- CHHK, the Lunate S&P China HK Shariah ETF, was the weakest ETF on the day, down 3.6% on 14.2 times its seven-day average volume.
- ADNOCGAS, ADNOC Gas PLC, fell 3.9% on the day on 6.9 times normal volume, with AED 589.92m traded, roughly nine times the next-busiest equity (Nukoud calculations based on Nukoud Analytics).
- ESHRAQ, Eshraq Investments PJSC, led equities, up 7.7% on the day on 2.1 times its seven-day average volume.
- FAB, First Abu Dhabi Bank, and ADCB, Abu Dhabi Commercial Bank, ended 1.8% and 1.9% lower on the day respectively.
- Saudi Arabia's main index closed above 11,200 earlier in the week
Market Overview
Thursday's ADX session was activity-driven and mixed, and once again the exchange's ETF story ran through Riyadh. SAUDIA, the Lunate S&P KSA Shariah ETF, rose 1.8% on the day on 3.6 times its seven-day average volume, generating AED 527.5k in notional, more than the rest of the ETF board combined by Nukoud calculations based on Nukoud Analytics. The move tracked a firmer close for the Saudi main index above 11,200 earlier this week and extends the pattern flagged in Wednesday's Market Wrap, where the fund rallied hard despite carrying redemptions.
The tension in the data sits on the equity side. ADNOCGAS, ADNOC Gas PLC, fell 3.9% on the day on 6.9 times its normal volume with AED 589.92m traded, dwarfing every other name on the tape. Strength elsewhere, in Eshraq, Pure Health and Sharjah Islamic Bank, was real but small in value terms next to that single decliner. A rising KSA-tracker sitting on top of a heavy fall in the exchange's most-traded stock is the session in one line.
ETFs
SAUDIA was the ETF board's centre of gravity for a second straight session. Its 1.8% one-day gain came alongside AED 1,184k in weekly net outflows, the largest of any ADX-listed ETF this week, which suggests the elevated turnover reflects two-way trading rather than one-directional accumulation. Its AED 527.5k in daily notional compares with AED 115.5k for the next-busiest fund by value, GCCDIV, the Lunate Solactive GCC Shariah Dividend ETF, which slipped 0.6% on the day on 1.7 times normal volume.
By 1-day return the leader was TURKI, the Lunate S&P Turkey Shariah ETF, up 6.2% on roughly twice its seven-day average volume, taking its 1-week gain to 8.6%. It nonetheless recorded AED 101k in weekly net outflows, the second-largest on the ETF board after SAUDIA. At the other end, CHHK, the Lunate S&P China HK Shariah ETF, fell 3.6% on 14.2 times normal volume, and QUANTM, the Boreas Solactive Quantum Computing UCITS ETF, dropped 3.3%.
Two thin names posted extreme volume ratios: LUXURY, the Boreas S&P Absolute Luxury UCITS ETF, traded 40.3 times its seven-day average, and BONDAE, the Lunate JP Morgan UAE Bond UCITS ETF, 14.8 times, though both on modest notional of AED 22.3k and AED 24.2k respectively.
UAE-focused trackers lagged their KSA counterpart. UAEA, the Lunate S&P UAE Shariah ETF, eased 0.7% on 2.2 times normal volume but drew AED 83k in weekly net inflows, the second-largest inflow on the board behind AIPOWR, the Boreas S&P AI Data Power & Infrastructure UCITS ETF, at AED 95k. USGRWTH, the Lunate S&P US Shariah Growth ETF, added 0.9% on 2.5 times average volume, a session in which news flow was dominated by Nvidia's results reassuring investors on AI demand.
Equities
Equity gains were led by ESHRAQ, Eshraq Investments PJSC, up 7.7% on the day on 2.1 times its seven-day average volume, extending Wednesday's advance, and PUREHEALTH, Pure Health Holding PJSC, up 4.0% on 2.4 times normal volume and now 11.6% higher over the week. SIB, Sharjah Islamic Bank, added 2.8% on 3.2 times average volume, and ALDAR, Al Dar Properties, rose 2.0%.
The weak spot was concentrated and large. ADNOCGAS fell 3.9% on 184.1m shares, 6.9 times its seven-day average, and carries AED 438.8m in weekly net outflows, by far the largest of any ADX name in the dataset. The session's news flow included disrupted Middle East LNG flows raising European gas-price risk and a tanker struck in the Strait of Hormuz, though the data itself does not confirm either as the trigger.
Banks were also soft: FAB ended 1.8% lower and ADCB 1.9% lower, both on below-average volume. IHC, International Holding Company PJSC, slipped 0.5% and recorded AED 106.3m in weekly net outflows, the second-largest equity outflow after ADNOCGAS.
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.
