By: Mahmoud Gamal
Abu Dhabi-Mubasher: Abu Dhabi Securities Exchange (ADX) closed in the green as portfolio investors resumed buying activity on Aldar Properties and Etisalat’s stocks.
The general index added 0.82% or 36.6 points to reach 4,498.57 points.
The market’s rebound resulted from buying powers specially on heaywight Etisalat’s stock, according to Raed Diab, Vice President of Investment Research Department in KAMCO.
Trading volume stood at 223.3 million shares on Monday, compared to 144.92 million shares on Sunday.
Turnover reached AED 480.16 points ($130.7 million), compared to AED 275.11 million ($74.8 million).
The real estate sector increased 3.42% after Eshraq Properties and Aldar added 2.7% and 1.9%, respectively.
The telecom sector advanced 3.11% after Etisalat levelled up 3.11%.
Etisalat made technical moves upward as it tries to reach AED 19.85 and AED 22 in a row, yet the relative strength index (RSI) shows the stock to be at excessive buying zone which may lead to profit-taking on the short term.
The services sector increased 0.4% after Emirates Driving Co. grew 2.4%.
On the flipside, the banks sector declined as Abu Dhabi Commercial Bank (ADCB) and Abu Dhabi Islamic Bank (ADIB) decreased 2.9% and 1.04% in a row.
Abu Dhabi’s main index is likely to continue its rise on Tuesday to target 4,600 points.
