By Mahmoud Gamal
Abu Dhabi – Mubasher: Abu Dhabi Securities Exchange (ADX) moved back to the negative territory on Monday, pressured by strong selling on leading stocks and also weighed by downbeat sentiment due to global markets volatility.
The main index shed 1.3% or 55.9 points to close at 4,085.53 points, reversing Sunday’s gains.
The current bearish sentiment in regional markets, especially in the UAE, was triggered by the plunge in Chinese stocks, said Al Al-Anzi, technical analyst.
He added that UAE bourses have been continuing their negative performance since 2016-start due to the fall in oil prices and decline of global markets.
DFM’s banking sector fell by 1.3% after blue chip FGB went down by 3.3%. The telecoms sector also lost 0.31% after Etisalat saw the same decline.
The real estate sector shed 0.09% after RAK Properties pulled back 3.7%, while the consumer staples sector rose 3.5% backed by Agthia that jumped 4.6%. The energy sector rose by 1.6% after Dana Gas gained 2%.
A total of 82.24 million shares were exchanged at turnover reaching AED 192.8 million ($52.48 million), compared with 51.68 million shares traded at AED 79.48 million ($21.6 million) on Sunday.
Dana Gas was the top active with traded volume reaching 32.9 million shares, while FGB was the most active with turnover reaching AED 39.7 million.
Translated by Sayed Abdel Rahman
