By: Enas Bahgat
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange’s (ADX) general index lost 0.35% or 15.59 points to close at 4,419.62 points on Tuesday.
The ADX saw a softer decline on Tuesday compared to the previous session, vice president of Investment Research at KAMCO Raed Diab told Mubasher, noting that the situation is still ambiguous for investors in the light of the current events and geopolitical developments in the GCC, particularly in Saudi Arabia.
The telecommunications sector and its stock Etisalat shed 1.13% each, whereas the energy sector levelled down 1.6% after Dana Gas sank 2.67%.
Regardless of the companies’ financial results and the improvement in oil prices, the market will continue its negative course, Diab stated.
On the other hand, the real estate sector rose 0.8% after Aldar Properties added 1.33%. The banks sector inched up 0.09% on the back of Finance House, which jumped 3.93%, while First Abu Dhabi Bank (FAB) grew 0.49%.
Aldar Properties was the most actively-traded stock on the ADX in terms of both volume and value, with 17.2 million shares traded at a turnover of AED 39.2 million through 465 transactions.
Technically, breaking below the 4,420 support level could drag the general index to 4,395 points, which would be the lowest level since October, Diab commented.
Breaking above resistance at 4,490 points is essential for the market to remedy the strong drop, the analyst concluded.
Translated by: Muhammad Abdulwakeel
