By: Mahmoud Gamal
Abu Dhabi – Mubasher: The benchmark index of the Abu Dhabi Securities Exchange (ADX) closed Sunday’s session in the red amid strong selling on leading shares, led by Aldar Properties.
The general index shed 0.3% or 13.06 points to 4,374.19 points. Turnover reached AED 108.53 million as 110.53 million shares were traded against AED 166.25 million and a traded volume of 85.24 million shares on Thursday.
The real estate sector led fallers, sliding 2.18% after Eshraq and Aldar retreated 3.7% and 1.9%, respectively.
The energy sector lost 1.8% as Dana Gas and TAQA were down, while the telecom sector and its main stock Etisalat shed 0.27% and the banking sector inched down 0.05%, although its leading stock First Gulf Bank (FGB) gained 0.8%.
Sunday’s decline was due to several negative actions on blue chip stocks, particularly real estate ones, noted market analyst Nawwaf Al-Harby in a commented to Mubasher, adding that companies’ negative financial results also contributed to the losses.
Etisalat’s decline to AED 18.2 was one of the main drivers for today’s losses, alongside falling oil prices and neighbouring stock markets, the analyst added.
It is expected that the Abu Dhabi market will continue its fluctuating performance this week, Al-Harby said, indicating that breaking the level of 4,300 points will prompt investors to proceed with profit-taking and the index to retreat further down.
Translated by: Nada Adel Sobhi
