Abu Dhabi – Mubasher: The general index of the Abu Dhabi Securities Exchange (ADX) ended the week in the red zone as the outbreak of the novel coronavirus (COVID) continues to take its toll on local, regional, and global stock markets.
The ADX’s general index lost 703.61 points or 15.21% to close the week ended 12 March at 3,922.18 points, compared to 4,643.08 points a week earlier.
The banks, real estate, telecommunications, and energy sectors dropped by 16.42%, 14.75%, 11.20%, and 16.51%, respectively.
The market cap value dipped to AED 420.45 billion at the end of the week from AED 492.23 billion in the previous week.
Abu Dhabi Islamic Bank (ADIB) topped the decliners with 16.51%, while Abu Dhabi Commercial Bank (ADCB), Dana Gas, and First Abu Dhabi Bank (FAB) fell by 15.51%, 14.78%, and 11.09%, in that order.
Moreover, Aldar Properties, Abu Dhabi National Energy (TAQA), Emirates Telecommunications Group (Etisalat), and Abu Dhabi National Oil Company for Distribution (ADNOC Distribution) decreased by 10.68%, 10.60%, 6.80%, and 4%, respectively.
On Thursday, the UAE announced the detection of 11 new COVID-19 cases, bringing the total number of infections to 85.
