By Mahmoud Gamal
Abu Dhabi – Mubasher: Abu Dhabi Securities Exchange (ADX) was down this week, snapping a winning run seen in the last three weeks, amid negative performance for major stocks in real estate, banks, energy and telecom sectors.
The main index fell by 4% or 172.3 points this week to end at 4,134.9 points.
The weekly traded value declined by 9.5% to AED 570.9 million ($155.4 million), from AED 631.24 million a week earlier. Traded volume also retreated by 29.8% to 444 million shares from 311.6 million shares.
The real estate sector was the biggest loser, with a fall of6.1%, after Aldar stock dropped by 6.03%. The banks sector also sagged 5.6% due to FGB that went down by 6.7%. The energy sector lost 4.8% weighed by Dana Gas that lost 3.9%. The telecoms sector also shed 0.3% after Etisalat stock saw the same decline.
The negative performance of UAE markets in recent period is ascribed to political tensions between Saudi Arabia and Iran, said Mohamed Sonbol, technical analyst, adding that markets were also weighted by Chinese stocks.
According to the analyst, selling pressures may drive the market down towards 3,500 then 3,200 points.
