By Mahmoud Gamal:
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) saw a positive performance on Sunday, supported by the rise of energy and telecom stocks.
The general index reached 4,483.09 points after increasing 0.1% or 4.28 points.
Financial analyst Mohamed Sonbol commented that the ADX’s index closed on some gains supported by banks stocks, adding that the Abu Dhabi market is better off than the Dubai one, which has suffered several crises in a number of its stocks including Arabtec and Drake & Scull International (DSI).
Trading volume decreased to 68.12 million shares on Sunday, compared to 130.18 million shares on Thursday, while turnover declined to AED 89.88 million from AED 145.17 million.
The investment sector led gainers, adding 0.52%, backed by Waha Capital’s 0.6% increase.
The real estate sector jumped 0.38%, as Eshraq Properties and Aldar went up 0.9% and 0.45%, respectively.
The banks sector rose 0.18% after Abu Dhabi First Bank levelled up 0.5%.
Sonbol advised traders and investors not to rush in to form positions on both the DFM and its Abu Dhabi counterpart as forecasts show that the US Federal Reserve may raise interest rates, a step that will impact oil prices.
Investors will also keep an eye on news that US President Donald Trump is set to discuss selling half of the US’ strategic oil reserves, a step that will likely deal a blow to the deal carried out by the Organization of Petroleum Exporting Countries (OPEC) and its hopes that oil prices would stabilise, Sonbol told Mubasher.
Translated by: Mohamed Nabil
