By: Mahmoud Gamal
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange’s (ADX) general index closed near stable at the end of the week, inching up 0.04% or 2.08 points to 4,643.54 points, with a market capitalisation of AED 410.64 billion ($111.776 billion).
Lately, the UAE’s markets have witnessed a seesaw trend, as some portfolios began to buy more heavy-weighted shares, on top of which WAHA Capital and ADNOC Distribution, said financial analyst at Mena Corp Issam Kassabieh.
During the week, the investment sector topped the ADX’s gainers, soaring 8.8%, after WAHA Capital surged 9.05%.
Investors’ insatiable appetite for WAHA Capital’s shares can be accounted for by the increased positive expectations regarding the company’s annual dividends, Kassabieh commented.
The energy sector added 0.54% after ADNOC Distribution upped 1.9% following the announcement of the firm’s expansion plans in the UAE and Saudi Arabia.
The telecommunications sector and its only stock Etisalat gained 0.28%.
Meanwhile, the real estate sector shed 0.94%, as Eshraq Properties sank 1.3% to AED 0.77.
Over the course of the week, the ADX’s trading volume dropped to 345.86 million shares from 470.71 million in the previous week, while the market’s liquidity increased to AED 796.46 million versus AED 726.45 million a week earlier.
The Emirati markets will have good results next week based on the optimism about listed blue chips’ positive financial statements.
Translated by: Muhammad Khalid
