By: Enas Bahgat
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) closed Sunday, the first trading session of the week, on a low note, pressured by its leading stocks and ongoing geopolitical events.
The general index shed 0.32% or 14.49 points to close at 4,450.66 points.
The real estate sector declined 1.79% after Eshraq, Manazel Real Estate, and Aldar retreated 3.80%, 1.85%, and 1.71%, respectively.
Jittery trades on the Saudi Stock Exchange (Tadawul) following decisions that several Saudi princes including Al-Waleed bin Talal had been arrested likely affected the market.
The Saudi anti-corruption committee, formed late Saturday under a decree by Saudi King Salman and headed by prince Mohammed bin Salman, issued arrests against several princes and former ministers.
The Saudi market’s rebound towards the end of the session and its ability to erase some the losses it incurred earlier in the session and close in the green will likely have a positive impact on the opening of the UAE’s bourses on Monday, UAE market analyst Manaf Almallouhi told Mubasher.
The telecom sector and its stock Etisalat lost 0.28% each, while the banks sector fell 0.18% weighed by three of its stocks, led by Bank of Sharjah’s 1.63% decline, while Abu Dhabi Commercial Bank (ADCB) and Abu Dhabi Islamic Bank (ADIB) were down 1.35% and 0.27%, respectively.
Turnover fell to AED 70.8 million on Sunday from AED 98 million on Thursday, while traded volume increased to 58.7 million shares exchanged through 681 transactions against 44.38 million shares in the previous session.
Dana Gas was the most active in terms of volume with 17.7 million shares traded, whereas Etisalat was the value leader with AED 14.8 million through 61 transactions.
Translated by: Nada Adel Sobhi
