By: Mahmoud Gamal
Abu Dhabi-Mubasher: The Abu Dhabi Securities Exchange (ADX) reversed the positive performance it witnessed in early trades to close in the red on Wednesday, amid the fall of most blue chips.
The general index retreated 0.49% or 22.24 points to reach 4,513.16 points.
The real estate sector slid 1.86% as Eshraq Properties declined 2.5%. Likewise, the energy sector went down 1.43% after Dana Gas fell 1.8%.
The banks sector tumbled 0.74% after First Gulf Bank (FGB) retreated 1.24%.
On the flipside, the telecom sector went up 0.5% as Etisalat rose 0.5%.
Trading volume reached 64.07 million shares on Wednesday, compared to 50.34 million shares on Tuesday. Turnover stood at AED 162.19 million, compared to AED 131.07 million.
The market was pressured down by the decline of positions in heavyweight stocks, in addition to the fall of oil prices below $50 per barrel, according to capital market analyst Amer Al Muhair.
However, some portfolio investors tended to increase their positions in other blue-chips stocks like Etisalat which reached attractive price levels, Al Muhair added.
Translated by: Julian Nabil
