Abu Dhabi-Mubasher: Abu Dhabi Securities Exchange (ADX) maintained its decline on Tuesday, amid a rise in selling pressures on blue chips led by Etisalat.
The general index went down 0.46% or 20.08 points to reach 4,325.23 points.
The telecom sector decreased 0.82% as Etisalat retreated 0.82%.
The banks sector fell 0.45% due to a decline in Abu Dhabi Commercial Bank (ADCB) by 1.7%.
The energy sector slid 0.39% after TAQA slid 1.8%.
Abu Dhabi bourse is still unable to rise amid the news that Moody's Investors Service confirmed the long-term ratings of five UAE banks at ‘AA2, according to Raed Diab, Vice President of Investment Research Department in KAMCO.
The real estate sector grew 0.88% after seeing a significant trading activity, backed by the rise of RAK Properties and Aldar Properties.
Aldar should technically break its resistance at AED 2.83-3 to avoid falling, the analyst said, adding that the stock’s decline below AED 2.53 will push it down to AED 2.40.
Trading volume reached 52.8 million shares on Tuesday, compared to 73.96 million shares on Monday.
Turnover stood at AED 103.33 million, compared to AED 154.37 million.
Diab expected the general index to rebound to 4,250 points to continue its correction later on.
Translated by: Julian Nabil
