By: Mahmoud Gamal
Abu Dhabi-Mubasher: Abu Dhabi Securities Exchange (ADX) saw a positive performance on Sunday, backed by banks and real estate sectors.
The general index grew 0.47% or 20.7 points to 4,449.32 points.
Especially stronger Saudi stock market was contagious to its neighbor the ADX, financial analyst Bassam Issa said. “Reaching its profit-taking targets also helped the gauge keep revving up.”
Trading volume reached 60.74 million shares on Thursday, compared to 67.69 million shares last Wednesday.
Turnover declined to AED 81.36 million from AED 162.3 million.
The market’s trading activity is still weak, amid conflicting news on a rise of U.S. interest rates in the next Federal Reserve meeting, Issa noted.
The banks sector levelled up 1.2% as First Gulf Bank (FGB) grew 1.6%.
The real estate sector advanced 1.5% after Eshraq Properties’ stock stabilised at AED 0.81.
On the other hand, the energy sector declined 1.8% as Etisalat went down 0.8%.
Issa expected the market to maintain its marginal rise on Monday and target 4,500 points, as some stocks reached attractive buying levels.
