By: Bedour El Raie
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) closed the week on a high note, backed by the banks and telecommunications sectors, despite falls in real estate and energy.
The general index gained 0.55% or 24.77 points and closed at 4,560.03 points. Turnover fell slightly this week to AED 507.155 million from AED 512 million last week, while volumes grew to 237.03 million shares against 140.17 million.
The ADX’s market capitalisation added AED 535 million to close at AED 461.03 billion from AED 460.5 billion last week.
The ADX’s gains were backed by companies’ transparency on Wednesday and Thursday, as listed firm disclosed their ties and exposure to The Abraaj Group which recently announced liquidation plans, Wadah Al-Taha, member of the National Advisory Board of Chartered Institute for Securities & Investments (CISI) told Mubasher.
On Wednesday, Dana Gas said its exposure to Abraaj involved a $6 million investment under Abraaj’s infrastructure fund. Meanwhile, Eshraq Properties stressed that neither the mother company nor its subsidiaries had any investments with Abraaj or its funds.
Turnover, however, declined this week amid investor concerns and overall pessimism in the market lately, Al Taha noted.
UAE bourses are currently awaiting companies’ financial disclosures for the second quarter of 2018, indicating that investors were keeping a close eye on results for companies operating in the banks and real estate sectors, he added.
The banks sector gained 0.94% after First Abu Dhabi Bank (FAB) grew 1.67%, whereas Abu Dhabi Commercial Bank (ADCB) shed 1.94%.
Last week, the Securities and Commodities Authority (SCA) announced that all companies must reveal the level of their exposure to The Abraaj Group, giving a deadline for next Thursday.
Translated by: Nada Adel Sobhi
