By: Bedour El Raie
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) achieved market gains and an overall rise in the month of July, which saw 21 trading sessions.
The general index added 3.18% or 140.75 points to close at 4,566.15 points.
Market capitalisation increased by AED 15.4 billion ($4.2 billion) to close July at AED 441.245 billion, compared to AED 425.86 billion by the end of June.
The telecom sector and its stock Etisalat contributed to the ADX’s rise, surging 8.38% each, while the real estate sector grew 2.95% after Eshraq’s stock gained 9.30% during the month, while Aldar and RAK Properties rose 1.74% and 6.25%, respectively.
The banks sector added 1.26% after First Abu Dhabi Bank and Abu Dhabi Commercial Bank (ADCB) increased 1.43% and 3.42%, respectively, while the investment sector and its stock Waha Capital grew 6.29% each.
The energy sector tailed risers, adding 0.69% after TAQA increased 4.08%.
Trading activities declined during July compared to the prior month, after traded volume reached 1.79 billion shares, generating AED 3.27 billion versus 3.12 billion shares and AED 3.81 billion.
Commenting on the UAE markets’ performance in July, Jamal Ajaj, director of the Sharhan Center for Shares and Bonds, noted that the market performance was considerably better than expected, despite the calm trades witnessed during the month.
Trading was also better compared to the same month in previous years, the analyst told Mubasher, noting that this improvement was backed by companies’ positive financial disclosures, particularly those in the banks sector.
UAE markets are likely to continue performing positively as companies continue to report their financial results for the second quarter and first half of 2017, Ajaj concluded.
Translated by: Nada Adel Sobhi
