The DFM General Index solidified its role as a pivotal driver of the UAE's non-oil economy, posting a 4.1 percent rise last month. This marked its fourth consecutive monthly increase and the most substantial gain among GCC markets in September, closing at 4,503.48 points. This surge propelled the year-to-date gains for the DFM index to the highest in the GCC, reaching 10.9 percent. Among sectoral indices, seven out of eight sectors experienced growth during the month. The overall index growth was widespread, with the financial index (+3.6 percent) and real estate (+3.1 percent) leading the charge. The communications services index saw the most significant jump at 11.1 percent, followed by consumer staples and utilities, which gained 5.7 percent and 5.2 percent, respectively. The financial index's growth was largely due to gains in major banks and financial firms, including Commercial Bank of Dubai (+5.9 percent) and Mashreq Bank (+5.5 percent).
In terms of individual performance, International Financial Advisors led with a 35.0 percent gain, followed by Dubai Taxi and Salik with gains of 17.8 percent and 12.2 percent, respectively. Dubai Taxi's recent award of 300 new plates at the RTA auction solidifies its position as the largest taxi service provider in Dubai, boosting its fleet to nearly 6,000 vehicles. On the downside, Shuaa Capital saw the most significant decline at 17.7 percent, followed by Ekttitab Holding Company and Agility with declines of 11.7 percent and 8.3 percent, respectively.
Trading activity saw a 11.9 percent drop in total monthly volume to 3.6 billion shares, compared to 4.1 billion in the previous month. The value traded also declined by 8.6 percent to Dh7.3 billion from Dh8.0 billion in August. Emaar Properties topped the value traded chart with Dh1.7 billion, followed by Emirates NBD and Dubai Islamic Bank at Dh778 million and Dh529.8 million, respectively. Drake & Scull International led in monthly volume with 1.0 billion shares traded, followed by GFH and Union Properties at 306.8 million and 293.7 million shares, respectively.
In Abu Dhabi, the FTSE ADX index rebounded with a 1.5 percent increase in September, recovering from a 0.6 percent dip in August, to close at 9,425.49 points. This rise reduced the year-to-date decline to -1.6 percent. Six out of ten sector indices recorded gains, with the utilities index leading at 26.5 percent, driven by a 26.5 percent jump in Abu Dhabi National Energy Company (Taqa) shares. The consumer staples index followed with a 12.1 percent gain, mainly due to a 12.2 percent increase in Agthia Group shares. The Real Estate Index gained 3.4 percent, with Al Khaleej Investment Company shares jumping 86 percent.
Al Khaleej Investment Co. topped the monthly gainers for the second consecutive month with an 86.0 percent gain, followed by Apex Investment and Abu Dhabi National Energy Co. with gains of 76.4 percent and 26.5 percent, respectively. Fujairah Building Industries saw the most significant decline at 27.0 percent, followed by Abu Dhabi National Company for Building Materials and Umm Al Qaiwain General Investment Company with declines of 22.6 percent and 13.3 percent, respectively.
Trading activity in Abu Dhabi increased by 17.7 percent to 6.9 billion shares, compared to 5.9 billion in the previous month. The total value of shares traded surged 33.5 percent to Dh30.2 billion, up from Dh22.7 billion in August. Apex Investment led in trading volume with 1.3 billion shares, followed by Multiply Group and ADNOC Gas at 609.0 million and 453.5 million shares, respectively. IHC topped the value traded chart with Dh7.9 billion, followed by Apex Investment and Alpha Dhabi Holding Company at Dh4.8 billion and Dh1.5 billion, respectively.
