By: Mahmoud Gamal
Abu Dhabi-Mubasher: Abu Dhabi Securities Exchange (ADX) saw a bullish performance on Thursday, spurred by blue chips.
The general index advanced 0.89% or 40.83 points to reach 4,636.75 points.
The market’s uptrend was mainly attributed to traders’ desire to build new positions in mid caps and increase their stake in blue chips, capital market analyst Gamal Abdel Hamid told Mubasher.
The rise of oil and global markets bolstered investors’ appetite in Abu Dhabi market, Abdel Hamid explained.
Trading volume reached 127.86 million on Thursday, compared to 88.8 million shares on Wednesday.
Turnover rose to AED 195.64 million from AED 179.13 million.
The liquidity loosened as some heavyweight companies announced the date of their financials which are expected to be positive, Abdel Hamid explained.
The industrial sector topped gainers after adding 2.6%, backed by Umm Al Qaiwain Cement Industries Co. which advanced 13.7%.
The banks sector grew 1.23% as Invest Bank and First Gulf Bank (FGB) levelled up 11.9% and 1.16% in a row.
The real estate sector was 0.8% stronger after Eshraq Properties and Aldar Properties gained 2.4% and 0.36%, respectively.
The telecom sector went up 0.53% on back of Etisalat which also grew 0.53%.
The market is expected to continue seeing selective purchases of some leading stocks, as the reporting season is kicking into gear, he noted.
