By: Mahmoud Gamal
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) managed to end the week in positive territory, supported by selective purchases on blue-chip stocks.
The general index rose 1.39% or 66.64 points, ending the week at 4,855.94 points.
During the week ended Thursday, 20 December, the ADX’s traded volume stood at 80.95 million shares, compared to 47.70 million shares in the prior week, while liquidity declined to AED 203.94 million, against AED 209.38 million the week before.
The banks sector topped the ADX’s gainers adding 1.68% as Abu Dhabi Commercial Bank (ADCB) and First Abu Dhabi Bank (FAB) grew 3.4% and 1.34%, respectively.
Similarly, the energy sector went up 1% due to Dana Gas’ increase, while the telecommunications sector and its sole stock, Emirates Telecommunications Group (Etisalat), went up 1.3% each.
The market witnessed fluctuations during the course of the week, vice president of Investment Research at KAMCO Raed Diab told Mubasher.
He added that the Central Bank of the UAE's (CBUAE) decision to raise interest rates on the issuances of certificates of deposit may affect liquidity across GCC markets negatively.
Reaching a resisting level of 4,915 points may reduce risks, raising the possibilities to hit 5,000 points, the analyst added.
Translated by: Kholoud Mohamed Hussein
