By: Bedour Alraei
Abu Dhabi-Mubasher: The Abu Dhabi Securities Exchange (ADX) saw a marginal decline this week, dragged down by the fall of the energy and real estate sectors.
The general index retreated 0.05% or 2.09 points to 4,497.64 points.
Trading volume reached 256.849 million shares this week, compared to 226.848 million shares last week. Turnover stood at AED 578.92 million, compared to AED 810.08 million.
The UAE bourses’ biggest challenges are weak liquidity as it did not exceed AED 500 million on a daily basis in both markets, thus giving an opportunity for speculators to control the trades, according to Wadah Al-Taha, member of the National Advisory Board of Chartered Institute for Securities &Investments (CISI).
The energy sector led losers after falling 2.57% as TAQA and Dana Gas went down 5.66% and 1.79% respectively.
The markets are expected to see active trading after the Eid Al-Fitr holiday, Al Taha said.
The real estate sector slid 1.69% due to a decrease in Eshraq Properties and Aldar Properties by 2.53% and 1.82% respectively.
The UAE bourses started to absorb the shock of the Brexit vote; however the markets are likely to see fluctuations as many investors and institutions are shying away from trades, Al Taha noted.
On the flipside, the banks sector advanced 0.22% as First Gulf Bank (FGB) and National Bank of Abu Dhabi (NBAD) rose 0.8% and 0.73% respectively.
Translated by: Julian Nabil
