By: Bedour El-Raie
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) recorded its first weekly decline in a month, despite a significant rise in trades compared to last week.
The general index shed 1.71%or 80.53 points and closed at 4,624.17 points.
Turnover reached AED 2.62 billion after 2.048 billion shares changed hands this week, against AED 1.93 billion and 1.50 billion shares traded last week.
UAE financial markets suffered selling pressures on a number of small stocks this week, commented analyst Gamal AbdelHamid.
"The main market driver next week will be companies' annual financial disclosures, which will determine the benchmark index's direction," he told Mubasher.
The telecom sector fell 2.93% this week after Etisalat's stock dropped 3.46%, while Sudatel slid 6.85% despite reporting record high profits last week.
The banks sector shed 1.71% on the back of Abu Dhabi Commercial Bank (ADCB), which lost 4.89%, while the energy sector declined 1.04% after Dana Gas retreated 3.51%.
The real estate sector was down 0.61% as Aldar and RAK Properties levelled down by 3% and 2.53%, respectively, whereas Eshraq Properties gained 4.63% this week.
Translated by: Nada Adel Sobhi
