By: Mahmoud Gamal
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) closed Sunday in the red, after being weighed down by leading sectors and absence of portfolios.
The general index retreated 0.82% or 37.4 points and closed at 4,506.14 points.
Turnover dropped to AED 94.04 million from AED 265.43 million on Thursday, while traded volume reached 64.88 million shares compared to 169.24 million in the previous session.
UAE market analyst Gamal AbdelHamid attributed Sunday’s losses to the ongoing state of anticipation as investors await the remaining listed firms to announce their financial results for Q1-16 as well as the maturity of some annual dividend distributions this week and some stocks reaching profit-taking levels.
He told Mubasher that the ADX witnessed significant holding back from investors today, which led to retreating trades.
The real estate sector fell 1.3% as Eshraq dropped 3.5% with a turnover of AED 20.6 million, the highest on the ADX today, while Aldar lost 1.1%.
The banking sector shd 1.13% as First Gulf Bank (FGB) declined 1.54%, while the energy sector was down 0.7% on TAQA, which fell 3.17%. Finally, the telecom sector and its stock Etisalat slipped 0.26%.
The analyst said he expects the ADX to see a positive rebound and target the levels of 4,580 and 4,600 points, respectively.
Translated by: Nada Adel Sobhi
