By: Mahmoud Gamal
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange’s (ADX) general index grew 6.6% in July, pushed up by listed banks’ disclosures.
Over the month, market capitalisation rose to AED 487.81 billion versus AED 461.03 billion a month earlier.
The unexpectedly positive results released by listed banks prompted institutions and foreign investors to increase their purchases, boosting the ADX, MindCraft Consultants’ CEO Fadi Al Ghattis told Mubasher.
The ADX is expected to remain in the green zone during August, as portfolios tend to build positions, he added.
The banks sector surged 8% after First Abu Dhabi Bank (FAB) surged 12% to AED 13.6, while the telecommunication sector and its only stock, Etisalat, rose 7.4% each.
The energy sector added 5%, after ADNOC Distribution went up 4.6% in July, whereas the real estate sector gained 0.9% after Aldar Properties levelled up 0.5% to AED 2.03.
The ADX’s trading volume reached 773.05 million shares, while the market’s liquidity amounted to AED 2.23 billion.
Translated by: Muhammad Khalid
