By: Mahmoud Gamal
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange’s (ADX) general index rose in the week ended 14 December, following the listing of ADNOC Distribution’s shares on the Abu Dhabi-based market.
The general index went up 2.5%, touching highest level in two months, to 4,268.09 points.
Over the week, the ADX’s market capitalisation increased by AED 6.82 billion ($1.85 billion) to AED 418.13 billion from AED 411.31 billion in the week ended 7 December.
Listing of ADNOC Distribution was the ADX’ major event this week, which affected its performance positively and encouraged investors to inject fresh liquidity into the market, said Eyad Al Bariqi, Al Ansari Financial Services’ director general.
ADNOC Distribution’s listing will raise ADX’s value among global markets, Al Bariqi added.
Some heavy-weighted stocks were witnessing cherry-picking buying during the week, on top of which Dana Gas, which soared 4.35% to AED 0.72.
Etisalat gained 3.33% to AED 17.05, while Aldar Properties levelled up 1.83% to AED 2.22.
The ADX’s trading volume surged 60% to 286.4 million shares from 179.11 million shares in the week ended 7 December, while the market’s liquidity soared 36.6% to AED 538.3 million from 394.05 million a week earlier.
Translated by: Muhammad Khalid
