Key Highlights
- UAEA, the Lunate S&P UAE Shariah ETF, led the ETF board by value at AED 51.5k on 1.35 times its seven-day average volume, closing 0.34% lower on the day and down 1.99% over the week from its 2026-09-29 base.
- USGRWTH, the Lunate S&P US Shariah Growth ETF, rose 1.40% on the day, though on just 0.094 times its seven-day average volume.
- JPANI, the Lunate S&P Japan UCITS ETF, carries the ETF board's heaviest net weekly selling pressure at AED 130.0k despite closing 0.49% higher on the day and gaining 3.37% over the week from 2026-09-29.
- UAED, the Lunate S&P UAE UCITS ETF, carries the heaviest net weekly buying pressure on the ETF board at AED 207.8k, though it traded only AED 2.9k in the session.
- ADAVIATION, Abu Dhabi Aviation Co, was the equity board's best performer, up 14.84% on the day on AED 17.74m.
- Exchange-wide turnover was AED 1.00bn, 16.2% higher than Monday's AED 863.97m but 16.7% below the average of the 9 prior sessions.
- UAB, United Arab Bank, traded 368.81 times its seven-day average volume, on 37,366,033 shares (AED 52.31m), closing 6.77% higher on the day.
Market Overview
Tuesday's session on the Abu Dhabi Securities Exchange turned on a quiet divergence at the top of the ETF board. UAEA, the Lunate S&P UAE Shariah ETF, was the board's largest name by value at AED 51.5k on 1.35 times its own seven-day average volume, yet it closed 0.34% lower against Monday's close and sits 1.99% lower over the week from its 2026-09-29 base. That home-market softness ran against a broadly positive board: of the 13 ETFs measured against the preceding session, 9 closed higher, 3 lower and 1 unchanged, with 2 further traded funds excluded for having no prior close at all.
The same tension ran through equities. Exchange-wide turnover recovered 16.2% from Monday's AED 863.97m to AED 1.00bn, and 38 of the 67 equities with a one-day base closed higher against 22 lower and 7 unchanged, with 8 names excluded for lacking a prior close. But turnover remained 16.7% below the average of the 9 prior sessions, and the two largest trades by value, FAB and IHC, both ended lower. The rebound in activity was real; the heavyweights did not lead it.
ETFs
UAEA's session is the board's reference point. It traded AED 51.5k on 5,802 shares, a quarter-step above normal activity, and still closed 0.34% lower. Its weekly picture is also soft, down 1.99% from 2026-09-29 with AED 9.1k of net weekly selling pressure. Its unlisted sibling by strategy, UAED, the Lunate S&P UAE UCITS ETF, tells a different weekly story: it carries the board's heaviest net weekly buying pressure at AED 207.8k, even though it printed just AED 2.9k on 485 shares in the session and closed 0.17% lower. The gap between a weak Shariah UAE tracker and persistent buying-side executions in the conventional UAE fund is the kind of divergence Nukoud's comparison of the six UAE equity ETFs is built to track.
USTBILL, the Lunate iBOXX US Treasury Bill ETF, ranked second by value at AED 47.3k on 4.83 times its seven-day average volume, though it has no one-day move, its most recent prior close being 2026-10-01. JPANI, the Lunate S&P Japan UCITS ETF, ranked third at AED 33.9k, closed 0.49% higher and is up 3.37% over the week from 2026-09-29, yet it carries the board's heaviest net weekly selling pressure at AED 130.0k, followed by AIPOWR, the Boreas S&P AI Data Power & Infrastructure UCITS ETF, at AED 71.7k and BONDAE, the Lunate JP Morgan UAE Bond UCITS ETF, at AED 52.2k. Sellers have been hitting bids into JPANI's strength all week.
The US-focused buying theme that led Monday's wrap extended. USGRWTH, the Lunate S&P US Shariah Growth ETF, was the board's second-best one-day performer at 1.40% and ranks second for net weekly buying pressure at AED 116.1k, with USVALUE, the Lunate S&P US Shariah Value ETF, third at AED 84.0k despite not trading in the session. GCCDIV, the Lunate Solactive GCC Shariah Dividend ETF, which topped the board on Monday, faded to AED 6.3k on 0.076 times its average volume, though it closed 0.86% higher. Comparative data across the full set of 24 GCC-listed funds frames how concentrated this board's activity remains in a handful of names.
Two footnotes. KWTI, the Lunate S&P Kuwait Shariah ETF, was the busiest name against its own seven-day average at 231.48 times, but on just 5,000 shares (AED 19.8k), a print that says the fund had been dormant, and it closed 0.50% lower, the board's worst one-day move. SAUDIA, the Lunate S&P KSA Shariah ETF, was the day's best performer at +1.54%, on a trivial 34 shares (AED 112).
Equities
The equity board traded AED 1.00bn, and its strength sat in the second tier. LULU, LULU Retail Holdings PLC, rose 2.17% on AED 70.30m, 6.37 times its seven-day average volume, a genuine volume event on size. MAIR, MAIR Group PJSC, climbed 9.00% on 11.94 times average volume (AED 21.57m), and ADAVIATION, Abu Dhabi Aviation Co, topped the board at +14.84% on AED 17.74m, 10.35 times its average. UAB, United Arab Bank, which normally barely trades, did AED 52.31m on 368.81 times its seven-day average and closed 6.77% higher.
The weak spot was the very top of the board. FAB, First Abu Dhabi Bank, the largest name by value at AED 145.20m, fell 1.44% and is down 4.88% over the week from 2026-09-29, though it still carries the board's heaviest net weekly buying pressure at AED 43.22m, ahead of LULU at AED 35.31m and ADCB, Abu Dhabi Commercial Bank, at AED 34.39m. IHC, International Holding Company PJSC, eased 0.53% on AED 83.64m and carries the heaviest net weekly selling pressure at AED 148.97m, followed by ADNOCGAS, ADNOC Gas PLC, at AED 115.02m and BOROUGE, Borouge PLC, at AED 37.91m. Across the board, 32 names carry positive weekly net pressure and 55 negative, so the week's executions still lean to the bid side despite Tuesday's positive breadth. FAB's week, down 4.88% against its heaviest-ranked buying pressure, is the line to watch into the next session.
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.