Abu Dhabi-Mubasher: The Abu Dhabi Securities Exchange (ADX) saw a bullish performance amid a decline in trading activity on Tuesday, spurred by the rise of blue chips.
The general index gained 0.5% or 22.45 to reach 4,503.49 points.
Trading volume reached 29.03 million shares on Tuesday, compared to 33.72 million shares. Turnover stood at AED 78.35 million, compared to AED 172.825 million.
The energy sector led gainers after rising 1.47%, backed by Dana Gas which grew 1.85%.
The telecom sector went up 0.53% after the rise of Etisalat.
The banks sector levelled up 0.48% as Abu Dhabi Commercial Bank (ADCB) added 2.15%.
The real estate sector increased 0.4%, pushed up by Aldar Properties which advanced 0.36%.
On the flipside, the services sector fell 1.31% as Abu Dhabi Aviation Company retreated 9.37%.
First Gulf Bank (FGB) was the value leader with a turnover of AED 19.9 million.
The market’s stocks closed mixed after the rally led by the banks stocks ended, Raed Diab, vice president of Investment Research Department in KAMCO, told Mubasher.
The banks sector was positively affected by the news on a possible merger between National Bank of Abu Dhabi and First Gulf Bank (FGB), the analyst noted.
The market is still in a positive zone amid the rise of oil prices, but investors still await more details to be disclosed on the merger talks before building new positions, Diab said.
The general index did not manage to close above its resistance at 4,600-4,637 points, Diab said, adding that the index should break such level to target 4,900 points.
