By Bedour El-Raie
Dubai – Mubasher: Abu Dhabi Securities Exchange delivered a positive performance in the first quarter of 2016, backed by real estate and telecoms.
During the three-month period, the main gauge rose by 1.93% or 83.16 points to 4,390.42 points.
The announcement of strong financial results and dividend distributions, coupled with a rebound in oil prices, fueled traders' appetite for equities, said Jamal Ajjaj, analyst, adding that leading stocks played a key role in trading.
The real estate sector was the best performer, with a jump of 19.41%, backed by Aldar (+22.76%) and Eshraq (+40%).
The telecom sector also rose by 15% after Etisalat rose by the same percentage.
The energy sector added 2.41% backed by the rise in oil prices, while the banks sector drifted 5.5% lower.
Market capitalisation gained around AED 18.6 billion ($5.05 billion) to reach AED 410.640 billion.
Translated by Sayed Abdel Rahman
