Key Highlights
- USGRWTH, the Lunate S&P US Shariah Growth ETF, traded AED 460.5k on 6.65 times its seven-day average volume, closed 0.33% higher on the day and carries AED 380.2k of net weekly buying pressure, the largest on the ETF board.
- GCCDIV, the Lunate Solactive GCC Shariah Dividend ETF, fell 1.70% on the day; TURKI, the Lunate S&P Turkey Shariah ETF, lost 2.00% and is down 10.46% over the week from its 2026-09-24 base.
- JPANI, the Lunate S&P Japan UCITS ETF, was the best one-day ETF performer at +2.02%, though on just AED 15.4k.
- SUDATEL was the best one-day equity at +2.23% on AED 72.0k; ARAM was the worst at -4.06% on AED 29.8k, both small prints.
- FAB, First Abu Dhabi Bank, traded AED 258.60m, the largest by value on the equity board, closed 1.52% lower on the day and traded 2.28 times its seven-day average volume.
- Exchange-wide turnover of AED 1.10bn was 16.8% below the average of the 9 prior sessions, and AED 86.02m more value crossed at the bid than at the ask.
Market Overview
Thursday's ADX session was a broadly lower, quieter one in which the ETF board's largest name went the other way. USGRWTH, the Lunate S&P US Shariah Growth ETF, took 43.0% of the ETF board's AED 1.07m of traded value, closed 0.33% higher on the day on 6.65 times its seven-day average volume and carries AED 380.2k of net weekly buying pressure. Around it, exchange-wide turnover of AED 1.10bn was 8.0% lower than Wednesday's AED 1.20bn and 16.8% below the nine-session average.
The tension is between that concentrated US-exposure demand and everything else. Of the 18 ETFs measured against the preceding session, 12 closed lower, 3 higher and 3 unchanged, with one further traded name excluded for lacking a previous-session close. On equities, 43 of 67 names with a one-day base closed lower, 17 higher and 7 unchanged, with 4 further names excluded for having no prior close, and AED 86.02m more value crossed at the bid than at the ask exchange-wide.
ETFs
USGRWTH's print was the board's standout on both value and activity: AED 460.5k traded, first by value, on 49,609 shares against a seven-day average of 7,462. Its stablemate USVALUE, the Lunate S&P US Shariah Value ETF, ranked second at AED 110.4k but closed 0.19% lower; it is still up 0.39% over the week from its 2026-09-24 base and carries AED 196.0k of net weekly buying pressure. The two US Shariah funds between them anchored the board's turnover.
The UAE-focused funds lagged. UAEA, the Lunate S&P UAE Shariah ETF, closed 1.11% lower on AED 81.9k and carries AED 357.0k of net weekly selling pressure, the heaviest on the board. UAED, the Lunate S&P UAE UCITS ETF, fell 1.50% on just 0.167 times its average volume. GCCDIV, the Lunate Solactive GCC Shariah Dividend ETF, dropped 1.70% and is down 1.98% over the week.
TURKI, the Lunate S&P Turkey Shariah ETF, lost a further 2.00% on the day and is down 10.46% over the week from its 2026-09-24 base, extending the slide flagged in Wednesday's wrap and consistent with Nukoud's reporting that the fund has been sliding as Turkey's growth outlook weakens and market stress returns. JPANI, the Lunate S&P Japan UCITS ETF, was the board's best one-day performer at +2.02%, though on a modest AED 15.4k; LUXURY, the Boreas S&P Absolute Luxury UCITS ETF, was the worst at -2.94% on an even smaller AED 5.0k.
Among thinner names, GRMNY, the Lunate S&P Germany UCITS ETF, normally near dormant, was the busiest versus its own average at 23.19 times, though on just AED 24.0k, and still closed 1.03% lower. CHADX15, the Lunate FTSE ADX 15 ETF, was the thinnest at 0.013 times its average, on 290 shares (AED 1.1k). Weekly net pressure across the board was close to even, 12 names positive and 11 negative.
Equities
Value was concentrated in the banks. FAB, First Abu Dhabi Bank, traded AED 258.60m, first by value, on 2.28 times its seven-day average volume, but closed 1.52% lower on the day. ADCB, Abu Dhabi Commercial Bank, traded AED 95.93m and eased 0.60%; both banks nonetheless carry large net weekly buying pressure, AED 68.60m for FAB and AED 60.42m for ADCB. ADNOCGAS, ADNOC GAS PLC, ranked third at AED 92.19m, down 0.90% on 0.576 times its average volume.
Gainers were scarce among the large names. 2POINTZERO, Two Point Zero Group PJSC, rose 1.80% on 1.90 times its average volume, and FERTIGLB, Fertiglobe plc, added 1.19%. ADPORTS, Abu Dhabi Ports Company PJSC, gained 0.65% on 9.90 times its seven-day average volume, a genuine activity pickup on AED 8.96m.
The weak spots were spread wide. ESHRAQ, ESHRAQ INVESTMENTS PJSC, was the largest decliner among material names, down 3.88% on AED 31.00m and 1.40 times its average volume. EAND, Emirates Telecommunications Group Company (Etisalat Group) PJSC, fell 2.12%, and IHC, International Holding Company PJSC, closed unchanged but carries AED 128.26m of net weekly selling pressure, the heaviest of the names listed. On the equity board, 30 names carry positive weekly net pressure and 55 negative. Whether UAEA's week-long net selling pressure of AED 357.0k against UAED's AED 258.4k of net buying narrows is the ETF-board gap to watch into next week.
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.