Key Highlights
- QUANTM, the Boreas Solactive Quantum Computing UCITS ETF, closed 8.21% lower on the day, traded 4.35 times its seven-day average volume (AED 448.7k) and is down 14.41% over the week from its 2026-10-08 base.
- QUANTM carries the heaviest net weekly selling pressure on the ETF board at AED 412.8k, ahead of KWIN at AED 13.5k and AGIX at AED 11.5k.
- USGRWTH, the Lunate S&P US Shariah Growth ETF, fell 2.33% on the day yet carries the board's heaviest net weekly buying pressure at AED 129.6k.
- INDI, the Lunate S&P India Shariah ETF, was the best one-day ETF performer at +1.41%, though on just AED 5.9k.
- Exchange-wide turnover was AED 1.06bn across 96 active tickers, 0.7% higher than the previous session and 6.9% above the average of the 9 prior sessions.
- ANAN, ANAN INVESTMENT HOLDING P.J.S.C, traded AED 115.84m on 10.09 times its seven-day average volume, closing 1.96% higher on the day.
- IHC, International Holding Company PJSC, led equity turnover at AED 166.40m and carries the equity board's heaviest net weekly selling pressure at AED 157.81m.
Market Overview
Thursday's ADX session was shaped on the fund side by a sharp extension of the retreat in QUANTM, the Boreas Solactive Quantum Computing UCITS ETF, which fell 8.21% on 233,006 shares (AED 448.7k), the worst one-day move on the ETF board and its largest print by value. The move deepens the pattern flagged in Wednesday's Market Wrap, when the fund fell 0.96% on elevated volume amid a week-long run of net selling; that run has now built to AED 412.8k of net weekly selling pressure, the heaviest on the board, and a 14.41% weekly decline from its 2026-10-08 base. The slide sits against a backdrop of rising concern that a crunch in the AI trade could spill into broader equity markets and fresh distress signals in AI-linked credit.
The tension is that exchange activity rose even as prices fell broadly. Turnover of AED 1.06bn across 96 active tickers was 0.7% higher than the previous session and 6.9% above the average of the 9 prior sessions, and AED 39.51m more value crossed at the ask than at the bid exchange-wide. Yet of the 68 equities measured against the preceding session, 47 closed lower, 13 higher and 8 unchanged, and on the ETF board 9 of 15 closed lower against 5 higher and 1 unchanged. Activity was concentrated, not broad.
ETFs
QUANTM dominated the ETF board again, ranking 1st by value at AED 448.7k on 4.35 times its seven-day average volume of 53,559 shares. Its 8.21% one-day fall was the board's worst, and no other fund combined a move of that size with meaningful value traded. The weakness echoes the wider turn against speculative technology exposure, with commentators asking how to weather the current storm in AI-linked stocks and strategists noting the AI trade is reeling after equal-weight strategies failed to shelter investors.
The two Lunate US Shariah funds behind it also traded above their norms but told different stories. USVALUE, the Lunate S&P US Shariah Value ETF, ranked 2nd at AED 160.9k on 2.91 times its average volume, closing 0.93% lower on the day but up 1.52% over the week from its 2026-10-08 base. USGRWTH, the Lunate S&P US Shariah Growth ETF, ranked 3rd at AED 147.5k and fell 2.33% on the day, yet it carries the board's heaviest net weekly buying pressure at AED 129.6k, ahead of CHADX15, the Lunate FTSE ADX 15 ETF, at AED 120.0k and UAEA, the Lunate S&P UAE Shariah ETF, at AED 119.2k. The value-versus-growth price divergence over the week is the board's quieter story beneath the QUANTM print.
UAEA, the board's fourth name by value at AED 76.4k, closed 0.91% lower on the day. LUXURY, the Boreas S&P Absolute Luxury UCITS ETF, was the only gainer of size, up 1.25% on 2.37 times its average volume (AED 25.1k). INDI, the Lunate S&P India Shariah ETF, topped the one-day board at +1.41%, but on just AED 5.9k, and is up 4.35% over the week from its 2026-10-08 base.
Among thinner names, AGIX, the KraneShares Public-Private AI & Technology ETF, was the busiest versus its own seven-day average at 7.69 times, though on just 100 shares (AED 16.3k), and it has no one-day move as its most recent prior close is 2026-10-09. GCCDIV, the Lunate Solactive GCC Shariah Dividend ETF, was the thinnest at 0.049 times its average, on AED 2.7k among the names that traded. In total 19 of the 24 listed ETFs traded for AED 989.5k; of those with a one-day base, 9 closed lower, with 4 further funds excluded for stale prior closes. Weekly net pressure still leans positive on the board, 13 names against 8.
Equities
The equity board's AED 1.06bn of trade was led by IHC, International Holding Company PJSC, at AED 166.40m, down 0.28% on the day and still carrying the board's heaviest net weekly selling pressure at AED 157.81m, ahead of ADNOCDIST, Abu Dhabi National Oil Company For Distribution, at AED 37.70m and ADNOCDRILL, ADNOC Drilling Company PJSC, at AED 28.37m. The day's standout activity was ANAN, ANAN INVESTMENT HOLDING P.J.S.C, which traded AED 115.84m on 10.09 times its seven-day average volume, closed 1.96% higher, and carries the board's heaviest net weekly buying pressure at AED 92.78m, ahead of ALDAR, Al Dar Properties, at AED 75.27m and ADIB, Abu Dhabi Islamic Bank, at AED 33.21m.
Banks were the firm spot. ADCB, Abu Dhabi Commercial Bank, rose 0.25% on 1.58 times its average volume (AED 117.37m) and is up 2.94% over the week from its 2026-10-08 base; FAB, First Abu Dhabi Bank, gained 0.83% and is up 3.97% over the same week; ADIB added 0.88%. That extends the bank strength noted in Wednesday's wrap.
Elsewhere the board was soft. FERTIGLB, Fertiglobe plc, fell 4.24% on the day and is down 6.22% over the week from its 2026-10-08 base. MANAZEL, Manazel PJSC, dropped 3.94%, and ESHRAQ, ESHRAQ INVESTMENTS PJSC, fell 3.80%. AGILITY, Agility Global PLC, fell 2.01% on 3.75 times its average volume (AED 19.80m). Weekly net pressure on the equity board runs 28 names positive against 56 negative. The best one-day equity performer, ESG at +3.04%, traded only AED 22.2k, so the gain tells little about the wider board.
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.