By: Bedour Alraei
Abu Dhabi-Mubasher: The Abu Dhabi Securities Exchange (ADX) saw a monthly positive performance in July, backed by the rise of real estate sector, and shrugging off losses of the energy, telecom and banks sectors.
The general index advanced 1.73% or 77.70 points to reach 4,575.34 points.
The real estate sector grew 4.32% as Aldar Properties gained 7.06%. Meanwhile, Eshraq Properties retreated 2.67%.
On the flipside, the energy sector fell 2.96% as TAQA and Dana Gas lost 7.7% and 1.79% respectively.
The telecom sector slid 0.5% as Etisalat decreased 0.5%.
The banks sector declined 0.23% after First Gulf Bank (FGB) and National Bank of Abu Dhabi (NBAD) went down 4.4% and 1.14%, respectively.
Trading volume reached 1.3 billion shares in July, compared to 1.37 billion shares in June. Turnover stood at AED 2.9 billion, compared to AED 3.83 billion.
The banking sector’s Q2-16 financials were weak, according to Waddah Al Taha, a member of the National Advisory Board of Chartered Institute for Securities &Investments (CISI).
Investors are still awaiting the real estate companies’ quarterly profits which are expected to be affected by negative challenges that are facing the sector, Al Taha noted.
Translated by: Julian Nabil
