By: Enas Bahgat
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) closed Thursday at a rise, its first after two-straight sessions of declines.
The general index added 0.17% or 7.52 points to close at 4,527.10 points.
Turnover jumped to AED 416.78 million after 117.07 million changed hands on Thursday against AED 103.8 million in turnover and 54.25 million shares were exchanged on Wednesday.
The ADX is lacking in incentives, while globally, statements made by US President Donald Trump evoking a possible trade war along with the recent drop in oil prices on the back of increased output from the US, have contributed to the overall weak performance seen in UAE markets, commented Raed Diab, head of investment research at KAMCO.
The banks sector grew 0.54% after First Abu Dhabi Bank (FAB) and Abu Dhabi Islamic Bank (ADIB) increased 0.93% and 0.74%, respectively, while the real estate sector added 0.28% on the back of Eshraq Properties’ stock, which gained 0.93%.
Earlier this week, Trump said he was planning to impose fees on steel and aluminum imports, in an attempt to reduce the country’s trade deficit. The announcement received backlash from countries such as China, with the European Union threatening to retaliate.
On the flipside, the energy sector shed 0.40% after Dana Gas fell 1.32%.
UAE bourses in general and the ADX, in particular, will likely see a gradual return of market-boosting catalysts following the distribution of dividends, said senior financial analyst at MenaCorp Issam Kassabieh.
Translated by: Nada Adel Sobhi
