By: Mahmoud Gamal
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) saw a bullish performance on Tuesday, spurred by the growth of energy and telecom stocks.
The main index increased 0.1% or 4.62 points to reach 4,668.31 points.
Abu Dhabi’s general index reached its resistance at 4,678 points, capital market analyst Gamal Abdel Hamid told Mubasher, adding that the market is likely to see profit-taking in the coming sessions which will push the index to 4,633 points.
Turnover amounted to AED 243.71 million on Tuesday, compared to AED 465.37 million on Monday. Trading volume stood at 187.25 million shares, compared to 275.9 million shares.
The energy sector advanced 1.48% as Dana Gas went up 1.8%. The telecom sector also gained 0.5% after Etisalat climbed 0.5%.
The investment sector increased 0.9% due to a rise in Waha Capital by 1.01%.
Abu Dhabi Commercial Bank (ADCB), which slid 1.06%, was the value leader after generating 23.47 million from the exchange of 3.13 million shares.
Traders should increase their positions in energy and real estate stocks, Abdel Hamid noted.
The main index is likely to rise to 4,687-4,842 points after the profit-taking period, Abdel Hamid explained.
Translated by: Julian Nabil
