By: Mahmoud Gamal
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) enjoyed strong positive performance this week, marking a three-month weekly high on the back of Dana Gas and Aldar Properties.
The general index gained 2.3% or 10.9 points to 4,525.88 points.
Dana Gas led the market’s gainers, after the stock surged 8.2% ahead of a court decision pertaining to the company’s dispute with sukuk holders.
Meanwhile, Aldar Properties’ stock jumped 5.2% this week after the company announced plans to deliver residential units across two of its projects in December.
First Abu Dhabi Bank (FAB) gained 3.5% this week ahead of its financial disclosure for the first nine months of 2017, while Etisalat added 1.4% on news that it was planning to expand in Egypt and launching 5G services during the GITEX exhibition.
Commenting on the ADX’s performance, market analyst Mohamed Tawfik said that the Abu Dhabi bourse has been moving in a sideways trend since the start of October, a trend that is similar to the Dubai Financial Market’s (DFM).
The ADX’s gains have increased ahead of financial disclosures, the analyst told Mubasher, forecasting that the market will continue its rise until the disclosure period is over.
He also expects liquidity to improve on stocks whose financial results are projected to be positive.
From a technical perspective, the analyst said that the ADX’s general index has seen a rebound that helped it close above 4,400 points and extend its rise.
The ADX’s positive close this week indicates further gains next week between 4,535 and 4,565 points.
Translated by: Nada Adel Sobhi
