UAE equities delivered a mixed performance this week as investors weighed the country’s resilient economic backdrop against lingering global macro uncertainty. Sentiment remained broadly constructive, supported by confidence in the domestic economy and anticipation of the upcoming earnings season. At the same time, investors became more selective, favouring fundamentally strong companies while taking profits in stocks that had rallied sharply in recent weeks.
DFM General Index –
The DFM General Index ended the month 2.7% lower, although it was largely unchanged over the past week, closing at 5,795.93. After the recent pullback, the index remains 14.6% below its 52-week high of 6,785.48, reached on 10 February 2026. This has brought valuations to more attractive levels, with the market now trading at a 12-month forward P/E of 9.8x—a level that could appeal to investors looking for exposure to the UAE’s strong long-term growth story.
On the sectoral front, Consumer Staples was the best performing sector, as it gained 4.27% this week. Utilities and Communication Services also did well as they yielded returns of 1.42% and 1.17%, respectively. Other sectors to gain modestly include Materials (0.67%), Financials (0.39%), and Industrials which was relatively unchanged at just 0.03%. On the flip side, Consumer Discretionary plunged the most by 3.16% while Real Estate followed suit with a decline of 0.85%.
Looking at stock-specific performance, Dubai equities delivered a mixed performance this week, with gains concentrated in a select few consumer, financial and utility names, while recent high-flyers saw profit-taking. Spinneys 1961 Holding led the market with a 4.96% gain, followed by Takaful Emarat Insurance (+4.40%), Etihad Energy Holding (+4.21%), Commercial Bank of Dubai (+4.21%) and Emirates Integrated Telecommunications (du) (+3.37%). Other notable gainers included Amanat Holdings (+2.96%), DEWA (+2.62%), Drake & Scull (+2.19%), TECOM Group (+1.50%) and Dubai Taxi (+1.43%), reflecting continued investor preference for fundamentally resilient and defensive businesses amid improving market sentiment. The broader Dubai market also found support from renewed buying interest in banking and property-linked stocks earlier in the week. On the downside, National Central Cooling (Tabreed) declined 4.96%, while Talabat Holding (-4.55%) and Salik (-2.74%) also featured among the week’s biggest laggards. Emaar Development (-1.52%), Union Properties (-1.30%), Dubai Investments (-1.10%), Dubai Islamic Bank (-1.09%) and SHUAA Capital (-1.03%) posted more modest declines. Much of the weakness appears to reflect profit-taking following recent gains rather than a deterioration in fundamentals.
The upcoming week will put Dubai corporate earnings firmly in focus, with several heavyweight names scheduled to report. Dubai Investments and Emirates Central Cooling are due on August 4–5, followed by Emaar Properties, Emaar Development, Spinneys 1961, Salik and Takaful Emarat Insurance on August 6, while Tabreed, Parkin and Aramex are expected to report on August 7. With companies spanning real estate, utilities, consumer, logistics and financial services, the results should offer a useful read on the health of Dubai’s broader economy and could drive stock-specific moves through the week.
ADX (Abu Dhabi Securities Exchange):
The ADX General Index closed its second consecutive week in the green at AED 9,914.62, up 0.88%. The majority of the gains came in after the index jumped in the second half of the week.
During the week, the index was led by a strong performance from individual names like Americana Restaurants, which rose by 7.43%; NMDC Group, which rose by 4.57%; Abu Dhabi Commercial Bank, which rose by 4.02%; and First Abu Dhabi Bank, which rose by 3.95%. Meanwhile, some of the stocks that pressured the index during the week included Presight AI Holding, which fell about 5.29%; Dana Gas, which fell by 3.72%; and Aldar Properties, which fell by 2.37%. (Source: Bloomberg)
From a sectoral standpoint, sectors that did well during the week included Consumer Discretionary, which rose 2.78%; Health Care, which rose 2.17%; and Telecommunications, which rose 1.39%. On the flip side, major laggards of the week were the Technology Sector (-4.39%), followed by Real Estate (-2.10%) and Energy (-0.33%). (Source: ADX Report Center)
This week saw major earnings from companies like Emirates Telecom Group, Adnoc Drilling, Abu Dhabi Islamic Bank, Aldar Properties, Fertiglobe, and NMDC Group. Companies like IHC, Adnoc Gas, Alpha Dhabi, Space42, Adnoc Distribution and Alef Education are expected to report quarterly earnings next week, marking another major earnings week for the Abu Dhabi bourse.
On the technical front, the ADX General Index has broken above its 200-day EMA around the AED 9887 levels, supporting a market structure tilted towards the upside. AED 9947 level could potentially act as the next resistance from the highs of 7th to 13th July. On the downside, prices could find support near the AED 9760 – 9690 zone, marked by the lows of late June and mid-July.
Gold and Silver
Gold rose by almost 1% in yesterday’s session as the dollar retreated due to pressures from possible yen intervention and 2-year yields falling after the Fed kept rates on hold. However, in today’s session, the metal is down by almost 0.6% as traders evaluate the inflationary effects of the conflict in Iran. The yellow metal is also down by almost 25% from the January highs. It is likely to remain under pressure, with higher energy prices increasing the likelihood that rates will stay higher for longer. According to CME Fedwatch, markets still price in an 84% probability of a rate hike by the end of the year. Expectations of a rate hike typically increase pressure on non-yielding metals, making them less attractive. This trend is also reflected in the ETF holdings, with total gold held by ETFs falling 2.3% this year to 96.7 million ounces. Similarly, silver ETFs reduced their holdings by 11,200 troy ounces in the last trading session, bringing this year’s net sales to 75.3 million ounces. Additionally, the World Gold Council projects a decline in central banks’ gold acquisitions this year, following a rebound in demand in the second quarter. The overall purchase rate is expected to be lower than in 2025. In the first quarter, central banks purchased 57 tons of gold, which is 187 tons less than earlier estimates, marking the slowest beginning to a year in over ten years.
Technically, the metal is trading 0.7% lower at $4,075 and has mostly stayed within a range of $3,945 to $4,160 over the past month. It was also not able to break above the immediate resistance at $4,110. The daily 14-period RSI has also not crossed the 50 level since April, indicating a lack of positive momentum. In today’s session, a break below its recent support at $4,022 may trigger testing of the lows at $3,945, followed by $3,900. Conversely, only a decisive breakout and close above $ 4,160 would suggest increasing bullish momentum.
Similarly, Silver is also lower by 1.5%, trading at $58.16 and has remained range-bound over the past month between $55.60 and $63.25. A break below its recent support at $57.14 may lead to testing the range low at $ 55.60. Conversely, a breakout and close above $63.25 would indicate bullish momentum building in the metal.
Crude Oil
Oil is declining on Friday, with the US-Iran conflict apparently quietening down, as no attacks have been reported recently. The retreat in crude futures aligns with traders’ tendency to focus on combat dynamics, but the contracts will probably move higher in the coming weeks because the underlying supply shocks persist and are likely to intensify.
The Strait of Hormuz remains at an effective standstill, with even the busiest days of this month a far cry from the pre-war levels of traffic. The recent flare-ups in the Middle East saw tanker movements almost evaporate and spurred a re-acceleration in the drawdown of US crude inventories, which are already at their lowest since 1984. Demand destruction, including in China, is helping to restrain gains in crude prices. But the lack of progress toward a peace process capable of ending the disruption to global energy supplies signals that the upward path for Brent and WTI remains intact.
On the daily chart of WTI, we see it approaching a critical support level at 81.186, coinciding with the 0.5 level on the Fibonacci retracement drawn from the low of 1st July to the high of 22nd July. Moreover, this was a resistance level which later turned into support. A drop below this level may push WTI to $80, which aligns with the 200 EMA. On the upside, potential resistance lies at $86, yesterday’s high.
On a technical level, looking at the Brent daily chart, we see some support. An inverted saucer pattern formed between 15th June and 24th July, after which a breakout took place. On the daily chart, potential support lies at the neckline at 83.32. Moreover, this coincides with the 0.5 level on the Fibonacci retracement, drawn from the low of 1st July and the high of 22nd July. A break below $83.32 may open the door to the next support at $80, a psychological benchmark that coincides with the 0.618 level on the Fibonacci retracement. On the upside, resistance lies at $89, yesterday’s high.
