By: Mahmoud Gamal
Abu Dhabi-Mubasher: Abu Dhabi Securities Exchange (ADX) ended the downward trend it witnessed for two successive sessions on Thursday, backed by the telecom and banks sectors.
The general index rose 0.06% or 2.47 points to reach 4,086.33 points.
The ADX positive performance is mainly attributed to accumulation by portfolios and positive speculations on small-cap stocks, in addition to oil prices rebound in early trades, said Hamoud al-Shammari, capital market analyst.
Trading volume reached 94 million shares on Thursday compared to 73.144 million shares on Wednesday. Turnover stood at AED 276.30 million ($75.21 million) compared to AED 255.32 million ($69.51 million).
The general index is still managing to close above 4,000 points, said capital market expert Ibrahim Al-Failakawi.
However, he expected the index is likely to drop to the previous 3,870-point level witnessed in 2014 if it did not rebound and reach above 4,500-point level.
The telecom sector rose 0.31% after Etisalat gained 0.31%.
The banks sector advanced 0.30% as National Bank of Ras Al Khaimah and First Gulf Bank levelled up 1.27% and 0.44%, respectively.
The industrial sector increased 1.04% due to a rise in Arkan Building Materials by 8.64%.
The investment sector went up 0.92% as Waha Capital grew 0.94%.
On the flipside, the real estate sector declined 2.64% as Aldar Properties retreated 3.85%.
The consumer staples sector lost 2.24%, weighed by Abu Dhabi National Energy which levelled down 0.36%.
Translated by: Julian Nabil
