By: Bedour Alraei
Abu Dhabi-Mubasher: Abu Dhabi Securities Exchange (ADX) saw highest losses in two months this week amid a decline in trading activity.
The general index fell 3.28% or 146.82 points to reach 4,331.91 points.
Turnover reached AED 1.13 billion this week, compared to AED 2.31 billion last week. Trading volume stood at 681.95 million shares, compared to 876.29 million shares.
Liquidity declined due to a state of caution and hesitation that controlled traders, market analyst Waddah Al-Taha said.
The banks sector lost 5.69% as First Gulf Bank (FGB) and National Bank of Abu Dhabi (NBAD) decreased 9.77% and 2.92% in a row.
The energy sector levelled down 2.83% as TAQA and Dana Gas slid 6.82% and 1.92%, respectively.
The real estate sector retreated 1.53% after Aldar Properties and RAK Properties went down 1.53% and 4.62% in a row.
On the flipside, the telecom sector gained 0.55% as Etisalat added 0.55%.
Along with foreigners, small-cap investors are gradually injecting liquidity into the market, but the local markets still need to stimulate their recovery, Al-Taha noted.
