By: Mahmoud Gamal
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) maintained its losses on Wednesday, dragged down by continuous profit-taking on blue chips.
The general index retreated 1.55% or 72.76 points to close at 4,606.50 points.
The investment sector topped losers after declining 4.77% as Waha Capital sank 5.02%.
The real estate sector tumbled 3.4% after Eshraq Properties and Aldar Properties levelled down 6.65% and 2.6% respectively.
The energy sector slid 3.2% due to a decrease in Dana Gas and TAQA by 3.5% and 1.9% respectively.
The telecom sector went down 1.63% after Etisalat lost 1.63%. The banks sector declined 1.16% as National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB) went down 1.88% and 0.7% respectively.
Trading volume reached 270.64 million shares on Wednesday, compared to 386.32 million shares on Tuesday. Turnover amounted to AED 368.27 million, compared to AED 424.33 million.
The market was weighed by profit-taking on defensive and mid-cap stocks which rose to high levels in the past sessions, according to technical analyst Mohamed Sonbol.
The market’s current liquidity is speculative amid selective trading on stocks which reached attractive levels, analyst Mohamed Sonbol noted.
The main index is likely to continue its corrections to reach 4,500 points, the analyst said.
