By: Bedour El Raie
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) closed Monday at a rise, its first after four straight declines, backed by energy stocks, particularly Dana Gas.
The general index added 0.30% or 12.90 points and closed at 4,338.42 points.
The energy sector jumped 6.43%, pushing the index to the green after Dana Gas’ stock leapt 13.24% to AED 0.77, its highest level in two months. Dana Gas topped the ADX’s gainers and accounted for around 51% of the market’s turnover.
Monday’s performance was expected in terms of stock prices with intermittent gains by some stocks such as Dana Gas, commented general manager at Al Ansari Financial Services Eyad Al-Bareeqy.
The end of the year often sees market gains with investors building positions ahead of the New Year and companies’ disclosure of annual results, in addition to annual asset valuations for some companies, the analyst told Mubasher.
Al Bareeqy further forecast that turnover from purchasing will continue in the remaining three sessions of the year, along with gains for some companies and the general index.
The real estate sector increased 1.05% after Eshraq Properties and RAK Properties grew 4.35% and 2.86%, respectively.
Similarly, the telecommunications sector and its only stock Etisalat added 0.89%.
On the flipside, the banks sector decreased 0.37% after Sharjah Islamic Bank fell 1.52%.
Translated by: Nada Adel Sobhi
