By: Mahmoud Gamal
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange’s (ADX) general index was near-stable on Tuesday, slipping 0.05% to close at 4,496.44 points amid reluctant trading.
The market did not maintain its gains achieved on Monday, as the negative forecasts among investors emerged once more, vice president of Investment Research at KAMCO Raed Diab told Mubasher.
There is a strong need for new incentives to push the market out of the current sideways trend, including more disclosures by companies for their quarterly financial results, Diab added.
Some blue chips were weighed by selling such as Dana Gas, which shed 1.35% to AED 0.73.
Aldar Properties and Etisalat went down 0.83% and 0.28%, respectively.
The ADX’s trading volume reached 107.89 million shares, generating a turnover of AED 254.73 million through 731 transactions.
Technically, the more the ADI levels down, the more it will approach 4,465 points or maybe drop below it to 4,440 points, where buying transactions are likely to resume, Diab explained.
On the other hand, breaking above 4,530 points will be a positive indicator of the gradual increase toward resistance at 4,610 and 4,625 points, the analyst concluded.
Translated by: Muhammad Abdulwakeel
