By: Bedour El Raie
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) managed to eke out a 1.20% or 59.21-point increase to close at 4,947.91 points in the week ended Thursday, 4 October, led by the energy, telecommunications, and banks sectors.
The banks sector was the bourse’s top gainer during the week, rising 2.36%, boosted primarily by First Abu Dhabi Bank (FAB) and Abu Dhabi Commercial Bank (ADCB), which grew 2.252% and 2.14%, respectively.
The energy sector gained 0.62% after Dana Gas registered a 1.74% increase, while the telecom sector and its sole stock Etisalat edged up 0.12%.
The stock market is still not at its best, notwithstanding the active banks’ stocks, Al-Sharhan Centre general manager Gamal Ajaj, told Mubasher on Thursday, reiterating that subscriptions on stocks such Abu Dhabi Islamic Bank (ADIB) and Ajman Bank slightly pressured the market.
Positive factors such as rising oil prices and US markets had no effect on the ADX this week, the analyst noted, adding that companies’ disclosure of their financial results as well as updates on distressed firms will define the market’s direction.
On the other hand, the real estate sector declined 4.29% after Aldar Properties fell 6.01%, shrugging off Eshraq Properties’ 5.55% rise.
The consumer staples sector was the market’s biggest loser this week, decelerating 6.28% after Agthia plunged 9.42%.
During the week, 553.708 million shares were traded through 5,836 transactions, generating AED 1.028 billion in value.
The ADX’s market capitalisation added AED 4.62 billion ($1.26 billion) to close at AED 497.622 billion ($135.46 billion) compared to last week’s closing at AED 493 billion ($134.200 billion).
Translated by: Dunya Hassanein
