By: Mahmoud Gamal
Abu Dhabi-Mubasher: The Abu Dhabi Securities Exchange (ADX) saw a bullish performance on Sunday, dragged down by selective purchases of the banks and real estate stocks.
The main index advanced 4.68% or 202.23 points to close at 4,524.41 points; the highest level in six weeks.
Trading volume stood at 64.73 million shares on Sunday, compared to 28.912 million shares last Thursday. Turnover amounted to AED 347.84 million, compared to AED 125.73 million.
The market’s gains were mainly attributed to active trading on the stocks of National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB) after confirming news on a possible merger, according to capital market analyst Hamed Al Anqori.
The banks sector was the best performer after adding 8.8%, spurred by the rise of National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB) by 15% and 11.49% respectively.
The real estate sector grew 1.8% as Aldar Properties went up 2.2%
On the flipside, the investment sector topped losers with a 0.9% decline after Waha Capital slipped 1%.
The market is likely to continue its fluctuations throughout the rest of this week, amid anticipation of the oil and global stock markets’ trend, in addition to the upcoming Brexit referendum, Al Anqori added.
Translated by: Julian Nabil
