By: Mahmoud Gamal
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) reversed its early negative performance on Tuesday, backed by selective purchases of banks stocks.
The general index grew 0.52% or 23.53 points to reach 4,545.11 points.
The market managed to rise for the third session in row, in line with the positive trend of banks stocks, Raed Diab, vice president of Investment Research Department in KAMCO, told Mubasher.
The banks sector topped gainers with a 1.2% increase as First Gulf Bank (FGB) and National Bank of Abu Dhabi (NBAD) grew 1.16% and 0.1% respectively.
The investment sector added 0.42% as Waha Capital went up 0.4%.
On the other hand, the energy sector retreated 1.9% due to a decline in TAQA and Dana Gas by 1.9% and 1.8% respectively. The telecom sector also fell 0.3% as Etisalat slid 0.3%.
The market is likely to fluctuate in the coming period, amid anticipation of more annual financial announcements and oil prices in the coming period, the analyst added.
The main index sees resistance at 4,550-4,640 points, Diab noted.
Translated by: Julian Nabil
