By: Mahmoud Gamal
Abu Dhabi-Mubasher: Abu Dhabi Securities Exchange (ADX) saw gains on Monday, backed by the rise of First Gulf Bank (FGB).
The general index added 1.28% or 52 points to reach 4,106.37 points.
The banks sector advanced 3.32% as Abu Dhabi Commercial Bank, National Bank of Abu Dhabi and First Gulf Bank grew 4.8%, 3.9% and 3.08%, respectively.
The market was mainly backed by FGB which posted positive FY15 financials, in addition to its board’s satisfactory recommendations regarding cash dividends, thus attracting portfolios to increase positions, said capital market expert Ibrahim Al-Failakawi.
He added that the international oil market is still facing fluctuations and pressures for not solving the problems of oversupply, which will affect later on the Gulf markets in the coming period after speculations rose in the last week of January.
Al-Failakawi advised traders to be cautious in their trading activity.
The telecom sector rose 0.6% after Etisalat grew 0.6%.
The real estate sector levelled up 0.3% as Eshraq Properties grew 3.8%.
On the flipside, the consumer staples sector declined 5.5% after Agthia Group fell 6.3%.
The services sector declined 2.9% as Emirates Driving Company slumped 6.9%.
Trading volume decreased to 155.3 million shares on Monday, compared to 182.15 million shares on Sunday. Likewise, turnover fell to AED 377.28 million ($102.7 million) from AED 77.32 million ($77.32 million).
Translated by: Julian Nabil
