By: Bedour El-Raie
Abu Dhabi - Mubasher: The Abu Dhabi Securities Exchange’s (ADX) performance was positive this week, backed by the telecom and banks sectors, with an increase in trading volume, at a time when investors tend to increase their positions in some stocks ahead of the year-end, an analyst has said.
The general index surged 2.47% or 109.55 points to the level of 4,546.37 points.
Traded volume jumped this week to 546.749 million shares, compared with 308.845 million last week, while turnover surged to AED 967.234 million from AED 502.385 million.
The telecom sector led gainers with 4.16% backed by Etisalat’s stock, which saw a similar increase.
The banks sector grew 1.85% as the National Bank of Abu Dhabi (NBAD) increased 2.78% and First Gulf Bank (FGB) gained 1.58%.
On the other hand, the energy sector declined 0.39% pressured by TAQA, which fell 1.85%.
Meanwhile, the real estate sector inched down 0.21% as Aldar Properties stock decreased 0.75%.
The CEO of Think Financial Studies, Fadi El Ghattis, told Mubasher that the Gulf countries’ announcement of their annual budgets, especially the UAE’s, has supported the markets’ performance during the week.
He added that the ADX’s general index has maintained the level of 4,350 points and will target 4,560 and 4,700.
By: Mahmoud El-Zahwey
