By: Mahmoud Gamal
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) witnessed gains for the third successive session on Wednesday, spurred by the rise of banks stocks.
The general index added 2.02% or 91.87 points to reach 4,640.74 points.
Trading volume reached 118.14 million shares on Wednesday, compared to 90.05 million on Tuesday. Turnover amounted to AED 522.12 million, compared to AED 190.59 million.
The industrial sector rose 2.94% as Gulf Pharmaceutical Industries (Julphar) and Abu Dhabi Ship Building (ADSB) gained 8.7% and 8.5%, respectively.
The banks sector advanced 2.92% after National Bank of Abu Dhabi (NBAD) and Abu Dhabi Commercial Bank (ADCB) levelled up 4.13% and 1.3%, respectively.
The market was backed by higher liquidity amid higher oil prices and positive outlook for an increase in mergers and acquisitions, according to Raed Diab, head of investment research at KAMCO.
Breaking above 4,510 points is a positive signal for the market and closing above 4,610 points may push the main index to reach 4,670 points, Diab added.
Translated by: Julian Nabil
