By: Mahmoud Gamal
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) saw a positive performance on Wednesday, backed by purchases of blue chips.
The main index rose 2.62% or 109.61 points to reach 4,290.44 points.
The market saw gains as investors resumed selective purchases of blue chips amid news of talks on new mergers in the banking sector, according to capital market analyst Hamoud Al-Shammari.
The telecom sector topped gainers with a 3.75% rise as Etisalat went up 3.75%.
The banks sector also added 2.83% as Abu Dhabi Commercial Bank (ADCB) and First Gulf Bank (FGB) grew 5.8% and 2.6% respectively. In addition, the real estate sector went up 1.19% as Aldar Properties gained 2.05%.
The energy sector was the only loser after falling 1.5% as Dana Gas decreased 1.9%.
Trading volume reached 185.02 million shares on Wednesday, compared to 153.25 million shares on Tuesday. Turnover stood at AED 280.69 million, compared to AED 288 million.
Closure of the main index above reduces the downside risk, the analyst said.
The index may see higher losses and fall to 4,250-,4,270 points if it declines below 4,280 points, Al-Shammari explained.
Translated by: Julian Nabil
