By: Mahmoud Gamal
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) saw a bearish wave in the week ended 26 October, pressured by the decline in First Abu Dhabi Bank’s (FAB) quarterly profits.
The general index closed down 0.13% or 5.9 points at 4,499 points.
Investors maintained profit-takings, in line with unclear financial results of major firms, especially after the announcement of FAB’s financial results, market analyst Mohamed Tawfik told Mubasher.
The banks sector led top losers, pressured by Abu Dhabi Commercial Bank (ADCB) and FAB, which dropped 3.4% and 1.4%, respectively.
Some stocks witnessed selective buying, such as Dana Gas which rose 1.3%.
Emirates Telecommunications Group (Etisalat) edged up 0.8% after achieving growth in revenues and subscribers base.
Tawfik forecasted the ADX to carry on the sideways-to-declining performance over the next week.
Translated by: Mai Ezz El-Din
