Abu Dhabi-Mubasher: Abu Dhabi Securities Exchange (ADX) closed in the red for the third week in row, weighed by all sectors topped by the energy sector after oil prices fell to the lowest level in 12 years.
The general index retreated 5.52% or 218.15 points to 3,736.95 points; the lowest level since December 2014.
Turnover declined to AED 785 million ($213.7 million) from AED 812.326 million ($221.12 million). Trading volume fell to 481.80 million shares from 342.18 million shares.
The markets are mainly affected by the traders’ low sentiment on lower oil prices and increasing fears over oil supply and Chinese economy, said CEO of Think Financial Studies Fadi El-Ghattis.
He added that ADX is still maintaining its downward trend, yet breaking below the 3,700-point level will lead the market to a steep decline.
The energy sector fell 13.6% after Dana Gas and TAQA levelled down 14.9% and 8.7%, respectively.
The banks sector decreased 6.66% due to a drop in First Gulf Bank, National Bank of Abu Dhabi and Abu Dhabi Commercial Bank by 8.22%, 5.5% and 3.43%, respectively.
The real estate sector slid 3.73% as Eshraq Properties and Aldar Properties went down 10.7% and 2.5% in a row.
El-Ghattis said that the expected fall of real estate sector is required and beneficial on the medium term
During the week, there were four rising stocks led by Arkan Building Materials which gained 24.6%
