By: Bedour Alraei
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) resumed losses on Wednesday after four successive sessions of gains, amid higher liquidity.
The main index slid 0.12% or 5.5 points to 4,662.86 points.
Turnover stood at AED 361.67 million on Wednesday, compared to AED 243.71 million on Tuesday. Trading volume reached 266.07 million shares, compared to 187.25 million shares.
RAK Properties was the value leader after generating AED 71.55 million, followed by Asmak with a turnover of AED 69.32 million. Asmak topped gainers with a 14.7% rise, hitting its highest level in more than three years.
Investors pumped investments in small-cap stocks, and blue chips led by Emaar Properties and Asmak, Kifah Maharmeh, Managing Director of Al Dar Shares and Bond, told Mubasher.
Diversity of liquidity helped the market hold against profit-taking that was expected on a number of speculative small- and mid-cap stocks which rose in the past sessions, Maharmeh added.
The banks sector slid 0.30% after First Gulf Bank (FGB) went down 0.75%. The services sector declined 3.7% as Abu Dhabi National Hotels (ADNH) tumbled 9.58%.
On the flipside, the energy sector rose 1.5% after Dana Gas gained 1.82%.
The stocks, which usually lead the market’s rise, are expected to continue their momentum, the analyst concluded.
Translated by: Julian Nabil
