UAE equities slipped in September, bucking the trend of strong regional gains, with the FTSE ADX Index falling 0.8% and the DFM General Index dropping 3.7%, according to Kamco Invest’s GCC Markets Monthly Report (pdf). Both bourses remain positive YTD; the ADX is up 6.3%, while the DFM is up 13.2%, supported by resilient trading activity and sustained real estate activity.

Seven of ten sectors on the ADX ended the month lower, led by consumer staples (-5.8%), industrials (-5.0%), and real estate (-2.1%), while utilities (+4.8%), telecoms (+4.0%), and energy (+3.3%) limited losses. GFH (+22.9%), Union Ins. (+15%), and Adnoc Gas (+6.3%) were top gainers. ARAM Group (-33.2%) and E7 (-15.2%) led decliners. Trading value rose 14.3% m-o-m to AED 24 bn, even as volumes fell 1.5% to 5.1 bn shares.

The DFM General Index saw its second consecutive monthly decline, as real estate (-8.3%) and financials (-2.5%) dragged performance. Emirates NBD (-3.8%), CBD (-2.4%), and Emaar (-8.3%) led losses, while Gulf Navigation (+25.3%), GFH (+20.4%), and National Industries (+10.5%) posted gains. Trading value increased 9.6% to AED 13.2 bn, while volume dropped 20.9% to 3.8 bn shares.

ELSEWHERE IN THE REGION-

Saudi stocks led regional gains in September, with the Tadawul All Share Index up 7.5%, its biggest rise in 21 months, after the CMA moved to scrap the 49% foreign ownership cap. Kuwait climbed 3.5% on strength in healthcare and real estate; Oman rose 3.0% to an eight-year high as S&P reaffirmed its BBB- rating with a stable outlook, marking its third consecutive monthly gain; and Bahrain added 1.0% with trading value up 71.5%. Qatar slipped 1.5%, pressured by banks and transport.

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