By: Bedor El Raie
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange’s (ADX) general index surged in December on the back of ADNOC Distribution’s initial public offering (IPO), which boosted the market capitalisation to reach AED 457.346 billion.
The general index soared 2.7%, or 114.98 points, to 4,398.44 points, pushed up by the telecommunications, energy, and banks sectors.
The market proved to be the investors’ centre of interest, amid possible dividends in the banks sector, along with the improved performance of the general index, Mena Corp financial analyst Issam Kassabieh told Mubasher.
The telecommunications sector and its only stock Etisalat surged 6.71% each.
The energy sector increased by 5.17% after Dana Gas grew 12.86%, while the banks sector added 1%, as Commercial Bank International (CBI) gained 15% and First Abu Dhabi Bank (FAB) went up 1.2%.
The ADX’s market capitalisation increased by AED 45.588 billion to AED 457.346 billion in December from AED 411.757 billion in November, which is attributable to ADNOC Distribution’s IPO.
However, the market capitalisation in the current month would be as high as AED 12.5 billion if the value of ADNOC Distribution’s IPO was deduced.
On the other hand, the real estate sector shed 0.14%, after Eshraq Properties lost 1.4%.
The ADX’s trading volume reached 1.39 billion shares in December from 1.32 billion shares in November, while the market’s liquidity dropped to AED 2.373 billion, compared to AED 2.65 billion in the previous month.
The general index added 1.13% in a week, versus 0.31% in the week ended 21 December.
Over the week, the trading volume surged to 634.912 million shares from 274 million shares in the previous week, while the market’s turnover grew to AED 787.74 million, in comparison with AED 708.858 million a week earlier.
Translated by: Muhammad Khalid
