By: Mahmoud Gamal
Abu Dhabi-Mubasher: Abu Dhabi Securities Exchange (ADX) maintained its bullish performance for the eighth session in a row, backed by telecom and banks sectors.
The general index gained 0.03% or 1.56 points to reach 4,557.16 points.
The market’s rise was mainly attributed to the purchases of blue chips which overshadowed the failure of the Doha talks aimed to freeze oil production, capital market analyst Gamal Abdel Hamid told Mubasher.
Oil-producing countries at the Doha meeting failed to reach an agreement Sunday on a production freeze as they needed "more time" to make the decision, Qatar's Energy Minister Mohammed bin Saleh Al Sada said.
Trading volume reached 133 million shares on Monday, compared to 180.3 million shares on Sunday.
Turnover rose to AED 301 million from AED 182.22 million.
The rise in liquidity reflects heavy purchases of blue chips and mid caps led by Abu Dhabi Islamic Bank (ADIB) and Eshraq Properties which grew 4.3% and 1.23% in a row, Abdel Hamid added.
The telecom sector increased 0.8%, backed by Etisalat.
The banks sector advanced 0.25% as Abu Dhabi Islamic Bank (ADIB) and First Gulf Bank (FGB) grew 4.35% and 0.4% in a row.
On the flipside, the real estate sector slid 1.68% as Aldar Properties declined 2.16%.
Aldar was the value leader after generating AED 66.2 million, representing 22% of the market’s liquidity.
Abdel Hamid expected Abu Dhabi market to maintain its upward trend and target 4,600 points.
Portfolio investors are likely to build stronger positions in blue chips as the quarterly reporting season near, the analyst noted.
Translated by: Julian Nabil
