Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) saw a negative performance for the second successive session on Wednesday, in line with the fall of banks sectors.
The general index retreated 0.02% or 0.76 points to reach 4,590.76 points.
Trading volume reached 85.81 million shares on Tuesday, compared to 82.39 million shares on Monday. Turnover amounted to AED 220.57 million, compared to AED 232.87 million.
The ADX’s early gains were backed by the rise of banks stocks, yet the market saw fluctuations amid low liquidity, Raed Diab, vice president of the investment research department at KAMCO, told Mubasher.
Investors are cautious about the possibility that the US Federal Reserve may raise interest rates, in addition to uncertainty over the long-term price of oil and Russia’s commitment to cutting its production, Diab added
The main index is moving sideways between 4,670 and 4,530 points.
The index will be able to target 4,715 or 4,800 points if it breaks above 4,670 points, the analyst noted, adding that it may fall to its support at 4,435 points if it closes below 4,530 points.
The banks sector fell 0.08% as First Gulf Bank (FGB) sank 0.72%.
On the flipside, the real estate sector grew 0.5% as Eshraq Properties and Aldar Properties went up 0.43%.
Union National Bank (UNB) was the value leader after generating AED 56.25 million from the exchange of 30.40 million shares.
