By: Mahmoud Gamal
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) witnessed gains amid modest liquidity on Monday.
The general index rose 0.09% or 4.33 points to reach 4,590.88 points.
Trading volume reached 82.42 million shares on Monday, compared to 140.43 million shares on Sunday. Turnover amounted to AED 136.08 million, compared to AED 223.70 million.
The telecom sector went up 0.55% as Sudatel and Etisalat grew 1.33% and 0.55% respectively.
The energy sector grew 0.38% after TAQA added 2%.
Closure of the index above 4,580-4,600 points helped the market to improve in the medium term, yet it still moving sideways between 4,600 and 4,700 points in the short term, according to Mohamed Radwan, a member of the International Federation of Technical Analysts (IFTA).
Short-term investors should not trade until the main index reaches its target at 5,000-5,100 points, Radwan noted.
On the flipside, the real estate sector fell 0.21% as Aldar Properties added 0.77%. The banks sector also slid 0.07% after First Gulf Bank (FGB) went down 0.38%.
Translated by: Julian Nabil
