UAE market performance for the week and expectationsÂ
UAE markets are turning increasingly bullish as investors move beyond Houthi attacks on Saudi energy infrastructure and cities, which temporarily heightened concerns over regional security and Red Sea trade routes. Sentiment improved after President Donald Trump said the US would not attack Iran before the November 3 midterm elections and cited productive discussions with Tehran, helping oil retreat and reducing the immediate geopolitical risk premium.
DFMGI (DFM General Index):
The DFM General Index fell 1.40% for the week ending 9th October 2026, closing at AED 5,818.47, although it rebounded 0.33% on Friday as buyers returned.
Three heavyweights drove the decline: Air Arabia (-6.96%), Emirates NBD (-2.86%) and Dubai Islamic Bank (-2.49%). On the positive side, Dubai Electricity & Water Authority was up (+2.29%), while Spinneys (+1.24%) and Parkin (+1.00%) followed; Islamic Arab Insurance Company (Salama) was the top percentage gainer, up by 2.56%, just ahead of Drake & Scull International (+2.47%).
Utilities was the best-performing sector, up 1.40% on the back of DEWA, while Consumer Staples also closed higher, up 0.66%. Real Estate held up well, slipping only 0.40%, as Emaar Properties (-0.18%) and Emaar Development (-0.47%) proved resilient. Consumer Discretionary (-3.81%) and Financials were the weakest sectors.
On the daily chart, the index has been trading in a sideways range since mid-July, with support near AED 5,780 and resistance near AED 6,020. After hovering around the range midline at AED 5,900 for most of the week, it dropped toward the lower boundary on Thursday, before buyers stepped in on Friday to lift it to a close of AED 5,818.47. The index is now trading below its 9, 21, 50, 100 and 200 day SMAs, with the 9, 50 and 100 day SMAs clustered around the midline in the AED 5,900 to 5,910 zone. The lower end of the range attracted buyers in late July and early September, and as long as AED 5,780 holds, a close back above AED 5,910 would open the way toward AED 6,000.
ADX General Index (FADGI):
The FTSE ADX General Index fell 1.78% for the week ending 9th October 2026 and closed at AED 9,795.67. It reclaimed the AED 10,000 mark on Monday with a close of AED 10,010.55 before Thursday’s selloff pulled it back below that level, but the weekly loss was smaller than the previous week’s 2.23% decline.
Consumer Discretionary and Consumer Staples bucked the trend, rising 2.72% and 2.65% respectively. Telecommunications (-2.57%) declined, while Technology (-4.22%) and Basic Materials (-6.02%) were the weakest performers (Source: ADX).
Abu Dhabi Aviation rose nearly 11%, followed by United Arab Bank (+8.33%), ADNOC Logistics & Services (+6.67%), and Americana Restaurants (+5.17%), leading the gainers. On the laggards side, First Abu Dhabi Bank declined 4.24%, while Abu Dhabi Commercial Bank dropped 5.11%. Presight AI (-6.07%) also declined.
Separately, Manazel published its results for the period ended 30th June 2026 on Friday, with revenue up 343% year on year to AED 211.5 million, although its net loss widened to AED 303.3 million.
Technically, the index had been trading in an ascending channel drawn from the late-July low and the August and September highs. On Thursday, it broke below the channel’s lower line near AED 9,965 and closed the week at AED 9,795.67, although buyers briefly lifted it to AED 9,895 intraday on Friday, forming an inverted hammer, which can be considered a potential reversal signal. The index is now trading below its 9-, 21-, 50-, 100-, and 200-day SMAs. The AED 9,965 to 10,000 zone, combining the lower boundary of the channel, the 9 and 200-day SMAs (both around AED 9,975) and the psychological AED 10,000 mark, now acts as resistance, and a move back above it would return the index to its uptrend. On the downside, the late-July swing low near AED 9,687 is the key support to watch.
