Abu Dhabi-Mubasher: The Abu Dhabi Securities Exchange (ADX) continued its bearish performance for the fourth session in a row, dragged down by the decline of real estate and energy stocks.
The main index lost 0.41% or 18.6 points to reach 4,463.86 points, its lowest level since the end of last June.
The market’s losses was mainly attributed to the fall of Asian stocks and flat closure of US stocks, as well as the decline of oil prices after Venezuela said global crude supplies should be decreased by 10%, Raed Diab, Vice President of Investment Research Department in KAMCO, told Mubasher.
The main index sees support at 4,400 point-level, Diab said, adding that a break down below such level is likely to push the index down to 4,300 points.
Trading volume reached 70.82 million shares on Tuesday, compared to 74.3 million shares on Monday. Turnover stood at AED 107.64 million, compared to AED 105.42 million.
The real estate sector led losers after falling 1.52% as Eshraq Properties and Aldar Properties sank 2.47% and 1.5% respectively.
The energy sector slid 0.74% as TAQA went down 3.92%.
The banks sector widened the market’s losses after decreasing 0.48%, weighed down by First Gulf Bank (FGB) which slid 1.26%.
Despite the negative performance of FGB’s stock, it closed above its support level at AED 11.50. FGB's rise above AED 12.20 will help it move higher towards AED 13.
