By: Mahmoud Gamal
Abu Dhabi-Mubasher: Abu Dhabi Securities Exchange (ADX) maintained its downtrend on Wednesday for the fifth successive session.
The general index rose 1.06% or 46.8 points to reach 4,454.94 points.
The market was spurred fresh liquidity, in addition to investors' tendency to strengthen their positions in blue chips, market financial analyst Mohammed Al Shammari said.
The energy sector advanced 1.9% as TAQA levelled up 9.26%.
The banks sector gained 1.4% due to an increase in First Gulf Bank (FGB) by 3.3%
The telecom sector went up 0.8% after Etisalat grew 0.8%.
The real estate sector added 0.6% as Aldar Properties levelled up 0.73%.
Trading volume reached 183.6 million shares on Wednesday, compared to 208.4 million shares on Tuesday.
Turnover rose to AED 357.46 million from AED 258.4 million.
“The markets will not regain investors’ confidence until liquidity worth over AED 1 billion flows into blue chips and some mid-cap stocks,” according to an earlier statement to Mubasher by Ahmed Al Amoudi, an analyst at Trades Chamber Company.
Back to Al Shammari, he, however, noted that lower trading volume and higher liquidity prove portfolio investors have at least developed the appetite to build new positions in blue chips.
Abu Dhabi market is expected to see a positive performance and break above 4,500 points, the analyst added.
