By: Mahmoud Gamal
Abu Dhabi-Mubasher: Abu Dhabi Securities Exchange (ADX) managed to keep its bullish performance for the ninth session in a row, backed by the banks, real estate and energy sectors.
The general index went up 0.99% or 45.22 points to reach 4,602.38 points.
The UAE markets are expected to maintain their positive performance on Tuesday, amid speculative trades on selective stocks, analysts earlier told Mubasher
The UAE markets was boosted by the state of optimism that controlled global markets and higher oil prices, which overshadowed the failure of the Doha talks to freeze oil production, financial analyst Bassam Issa said.
Trading volume stood at 142.1 million shares on Tuesday, compared to 133 million shares on Monday.
Turnover rose to AED 333.8 million from AED 301 million.
High trading activity was fueled by continuous bets by investors to strengthen their positions in real estate, banks and energy stocks, Issa noted.
The services sector advanced 3.7% as National Corporation for Tourism and Hotels (NCTH) and Abu Dhabi Aviation gained 15% and 7.4% in a row.
The energy sector levelled up 3.16% due to an increase in TAQA and Dana Gas by 8.33% and 1.72%, respectively.
The banks sector grew 1.4% as Abu Dhabi Islamic Bank (ADIB) rose 9.5%.
The real estate sector went up 1.15% after RAK Properties, Eshraq Properties and Aldar Properties advanced 1.75%, 1.22% and 1.1% in a row.
The main gauge is likely to continue its upward trend and target 4,650 points on Wednesday, amid expectations of most firms will report decent quarterly profits, Issa concluded.
