By Bedour El Raie
Abu Dhabi – Mubasher: Abu Dhabi Securities Exchange (ADX) advanced during the last week in January with the biggest one-week gains in eighteen months, backed by leading sectors mainly real estate and energy.
The main index rose by 4.64% or 173.49 points to close the week at 3,910.44 points.
The weekly traded value jumped to AED 984.32 million ($268 million), from AED 796.143 million ($217 million). Traded volume also increased to 482.112 million shares from 507.5 million shares.
Market capitalisation increased by around AED 18.58 billion to AED 384.39 billion.
The real. estate sector rose by 13% powered by Eshraq and Aldar that climbed by 19.05% and 12.82% in a row.
The energy sector also gained 7.29% backed by Dana Gas that rose by 10% and shrugged off the energy sector that dipped 2.38%.
The telecoms sector pulled ahead by 2.50% backed by Etisalat.
The banks sector rose by 3.77% after ADCB and NBAD gained 12.15% and 6.96% in a row. FGB also gained 0.5%.
Most GCC equity markets were in green during the week, especially Dubai Financial Market, signaling strong momentum amid strong traded volumes, said Mohanad Erikat, analyst at Masaken Capital.
He also added that investor sentiment was boosted by the rise of oil prices above $30 per barrel level, in addition to the U.S. Federal Reserve decision to keep interest rates unchanged.
According to the analyst, the UAE markets are expected to continue the bull run next week.
Translated by Sayed Abdel Rahman
