By: Mahmoud Gamal
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange’s (ADX) general index shed 0.28% or 12.8 points to close at 4,599.47 points in the first week of February on the back of the real estate sector.
The UAE’s markets became almost a mirror reflects the global markets’ performance, which became evident during the week, said financial analyst at Mena Corp Issam Kassabieh.
The grave losses incurred in Wall Street weighed on the UAE’s stocks, which ignored the positive disclosures and dividends and dropped, Kassabieh added.
The real estate sector topped the ADX’s losers, sinking 2.3% after Aldar Properties levelled down 2.16% to AED 2.26.
The energy sector decreased by 1% after ADNOC Distribution and Dana Gas declined 1.85% and 1.3%, respectively, while TAQA surged 3.6%.
On the other hand, the banks sector added 0.76%, as First Abu Dhabi Bank (FAB) gained 1.3%.
Over the week, the ADX’s trading volume increased to 351.49 million shares from 265.03 million shares in the previous week, while the market’s liquidity surged to AED 667.07 million, compared to AED 578.19 million a week earlier.
Translated by: Muhammad Khalid
