By: Mahmoud Gamal
Abu Dhabi-Mubasher: Abu Dhabi Securities Exchange (ADX) saw the highest losses in nine months, registering the second monthly decline since January, weighed down by the fall of the banks and energy sectors.
The general index retreated 6.46% or 293.33 points to reach 4,250.20 points in May.
Turnover reached AED 3.38 billion in May, compared to AED 4.87 billion in April.
Trading volume stood at 2.12 billion shares, compared to 3.18 billion shares.
The market witnessed inflow of investments by foreign investors who desired to purchase low-priced stocks, according to Wadah Al-Taha, a member of the National Advisory Board of Chartered Institute for Securities &Investments (CISI).
Price-earnings ratios of most stocks reached attractive levels, leading to accumulation of selective stocks.
Foreign purchases reached AED 1.070 billion this month, whereas foreign sales stood at AED 999.394 million.
The energy sector slid 1.43% as Dana Gas fell 1.85%.
The banks sector decreased 0.68% after First Gulf Bank (FGB) and Abu Dhabi Islamic Bank (ADIB) went down 8.49% and 8.4%, respectively.
On the flipside, the real estate sector grew 0.96% after Aldar Properties advanced 1.15%.
Despite the absence of positive catalysts, the rise of oil prices above $50 per barrel in May had a positive impact on the global economies, Taha noted.
Translated by: Julian Nabil
