By: Bedour El-Raie
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) conclued October on a negative note, weighed by the real estate, energy, and bank sectors, and registering its second monthly fall in a row.
The general index declined 0.68% or 33.49 points to 4,901.87 points.
Despite the fall, the ADX’s market capitalisation added AED 5.475 billion ($1.5 billion) to close the month at AED 492.87 billion ($134.21 billion) from AED 487.396 billion ($132.72 billion) in September.
Turnover amounted to AED 3.416 billion in October, down slightly from AED 3.50 billion in September, while volumes increased to 1.325 billion shares traded against 1.17 billion shares.
The real estate, energy, and banks sectors weighed on the general index during the month, whereas gains in the telecoms and services sectors trimmed losses.
The real estate sector dropped 4.17% after Aldar Properties tumbled 4.95% during the month, while the energy sector retreated 4.41%, after Dana Gas lost 2.54%, while TAQA and ADNOC Distribution slid 6.14% and 7.88%, respectively.
The consumer staples sector was also down 5.69%, after Agthia dropped 7.87% and Asmak shed 1.68%.
Moreover, the banks sector decreased 2.11% after First Abu Dhabi Bank (FAB) and Abu Dhabi Islamic Bank (ADIB) sank 2.68% and 3.05%, respectively during October.
On the positive side, the telecom sector and its only stock Etisalat gained 5.07% each, while the services sector grew 5.43% after Abu Dhabi National Hotels (ADNH) surged 16.67%, leading the month’s risers.
Commenting on the ADX’s performance in October, Jamal Ajaj, general manager at Al Sharhan Stock Centre, said that UAE bourses saw varying performance during October in terms of stock prices, and traded values and volumes, which he said were considerably low, although they had improved towards the end from earlier in the month.
Blue chips have seen some recovery, he said, noting that markets will react to companies’ financial results in the coming period, particularly those disclosed by larger companies and which may help markets recover.
Translated by: Nada Adel Sobhi
