By: Bedour Al-Raee
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange’s (ADX) general index shed 0.29%, or 13.37 points, to 4,579.74 points on Wednesday, pressured by profit-taking.
The trading volume increased to 94.45 million shares from 86.25 million on Tuesday, while the market’s liquidity nearly doubled to AED 265.056 million, compared to AED 128.73 million in the previous session.
The real estate sector lost 1.08% after Eshraq Properties and Aldar Properties tumbled 2.5% and 0.88%, respectively.
The telecommunications sector and its only stock Etisalat went down 0.56% each.
The banks sector levelled down 0.12% after Union National Bank (UNB) and Sharjah Islamic Bank dropped 8.76% and 6.58%, respectively.
On the other hand, the Abu Dhabi Commercial Bank (ADCB) and Abu Dhabi Islamic Bank (ADIB) rose 0.82% and 0.26%, respectively.
The industrial sector grew 0.26%, as Bildco went up 2.33%, while Gulf Cement sank 4.67%.
First Abu Dhabi Bank’s (FAB) stock topped the market in terms of liquidity, with a turnover of AED 125.78 million, while Manazel Real Estate was the most actively-traded stock in term of volume, with 16.4 million traded shares.
After eight successive sessions of growth, a decrease is natural, and can be justified by profit-taking, vice president of Investment Research at KAMCO Raed Diab told Mubasher.
The activity of the market is boosted by the improvement of the UAE's economy, along with the recent rise of oil prices, Diab added.
If the general index broke below 4,530 points, it will reach 4,480 points and 4,440 points, while, by breaking above 4,610-point resistance, the index will rise gradually to 4,715 points, the analyst concluded.
Translated by: Muhammad Khalid
