Abu Dhabi-Mubasher: Abu Dhabi Securities Exchange (ADX) saw a downward trend for the second session in row on Tuesday, dragged by the decline of real estate and banks sectors.
The general index fell 0.39% or 14.83 points to reach 3,800.02 points.
The markets’ continuous decline is mainly attributed to quick profit-taking, said technical analyst Mohamed Sonbol.
The investors’ low sentiment is affected by lower oil prices and China’s economic slowdown.
Breaking below the 4,000 point-level, the general index is likely to reach 3,500 and 3,200 in a row if no positive catalysts came up.
Trading volume dropped to 54.91 million shares on Tuesday from 76.03 million shares on Monday. Turnover rose to AED 144.73 million ($39.4 million) from AED 143.7 million ($39.11 million).
The energy sector slid 1.9% after Dana Gas decreased 2.4%.
Sonbol noted that there were selling pressures on cheap and leading stocks.
The telecom sector sank 0.9% as Etisalat went down 0.9%.
The banks sector slumped 0.48%, weighed by the lossed of National Bank of Abu Dhabi, Sharjah Islamic Bank and Abu Dhabi Commercial Bank.
