By: Bedour Alraei
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) saw a bullish performance on Thursday amid a rise in trading activity, backed by accumulation of RAK Properties’ stock.
The general index increased 0.40% or 18.42 points to reach 4,681.28 points.
Current liquidity was focused strategic stocks like Asmak and Abu Dhabi Islamic Bank (ADIB), Kifah Maharmeh, Managing Director of Al Dar Shares and Bond, told Mubasher.
RAK Properties was the most active stock after trading 130.31 million shares worth AED 100.77 million, representing 23.1% of the market’s AED 436.3 million liquidity.
RAK saw active trading and purchases as a result of speculations carried out by the company’s major shareholders, Maharmeh added.
Arkan Building Materials topped gainers with a 14.14% increase, generating AED 83.45 million from the exchange of 78.42 million shares. The industrial sector climbed 4.99%.
Asmak was the best performer with a 11.76% rise after trading 14.93 million shares, with a turnover of AED 61.74 million.
Asmak’s stock is expected to continue its momentum as it is maintaining its uptrend every day on the back of news related to a new project to be held by the company, the analyst explained.
The real estate sector rose 0.62% as Eshraq Properties and Aldar Properties grew 0.98% and 0.37% respectively.
The banks sector went up 0.52% after First Gulf Bank (FGB) advanced 0.76%.
Translated by: Julian Nabil
