By: Mahmoud Gamal
Dubai – Mubasher: The Abu Dhabi Securities Exchange (ADX) continued its negative performance on Sunday, dragged down by profit-taking on blue chips.
The general index sank 0.81% or 37.62 points to reach 4,586.55 points.
The investment sector led losers with a 3.6% decline, weighed down by Waha Capital which fell 3.77%. The real estate sector decreased 1.7% after Eshraq Properties and Aldar Properties levelled down 7.02% and 0.76% respectively.
The energy sector went down 0.76% as TAQA levelled down 3.85%. Similarily, the banks sector retreated 0.7% after First Gulf Bank (FGB) tumbled 0.76%.
The telecom sector lost 0.55% due to a decline in Etisalat by 0.55%.
Some portfolio investors tended to decrease their positions in blue chips, especially in the banks and real estate sectors, technical analyst Asaad Al-Otaibi told Mubasher.
Investors are anticipating oil prices in Monday’s trade, in addition to the remaining annual financials, Al-Otaibi noted.
Trading volume reached 140.44 million shares on Sunday, compared to 130.55 million shares last Thursday. Turnover amounted to AED 223.7 million, compared to AED 242.12 million.
The market is expected to continue its decline in the coming sessions, he said, adding that small investors should not increase their positions until the main index stabilises above 4,600 points.
Translated by: Julian Nabil
