By Bedour El Raie
Abu Dhabi – Mubasher: Abu Dhabi Securities Exchange (ADX) recorded this week the biggest increase in 21 months, continuing the rise for the second successive week, backed by the announcement of financial results especially in bank stocks mainly First Gulf Bank.
The main index rose by as much as 5.89% - the biggest gains since late May, 2014 – adding 230.33 points to end the week at 4,140.77 points.
The rebound in UAE stocks after oil prices resumed their rise shows continued strong correlation between the capital market and global oil prices, said Waddah Al Taha, analyst.
Trading activity gained momentum across the board last week, as traded volume increased to 1.055 billion shares from 510.22 million shares, while traded value rose to AED 1.411 billion from AED 997.46 million.
According to the analyst, the rise in liquidity levels, especially as the market rebounds, signals the availability of liquidity that awaits favourable conditions.
Eshraq Properties was the most active stock with a traded value of AED 261 million and traded volume reaching 447.7 million shares.
Market capitalisation increased by around AED 15.77 billion ($4.3 billion) to reach AED 400.16 billion ($109 billion).
The banks sector was the biggest gainer, with a jump of 9.86%, in line with the start of the reporting season for 2015.
First Gulf Bank jumped by 16% after the lender announced its financial results and dividend proposals. NBAD also grew by 11% powered by a leap in full-year profits. ADCB rose by 8.33%.
