By: Bedour Al Raie
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) retreated 131.787 points, or 2.7%, to 4,770.08 points by the end of November, to record its sharpest monthly loss in a year.
On a monthly basis, market capitalisation lost AED 12 billion, logging AED 481.084 billion, down from AED 492.87 billion.
In November, the bourse’s trading volume hit 1.197 billion shares, up from 1.346 billion during October, while liquidity rose to AED 4.71 billion, from AED 3.457 billion.
The energy sector slumped 12.55% as Abu Dhabi National Energy Company (TAQA) and Dana Gas stocks’ tumbled 8.87%, and 20%, respectively.
The real estate sector also lost 7.75% after Aldar Properties’ stock declined 7.5%, while the telecommunication sector and its only stock Emirates Telecommunications Group’s “Etisalat” stock fell 4.48, each.
The banks sector inched down 0.85% as First Abu Dhabi Bank’s (FAB) stock went down 1.59%, and Abu Dhabi Commercial Bank’s (ADCB) stock fell.
On the other hand, the services sector rose 1.24%.
The ADX registered the lowest decline in the GCC stock exchanges, CEO of Minecraft Consulting Fady Al-Ghattis told Mubasher.
The strong results of the banks sector and the potential mergers that may occur in the near future among Abu Dhabi's three lenders are the main factors that are expected to boost the ADX’s performance over the coming period, Al-Ghattis added.
