By: Mahmoud Gamal
Abu Dhabi-Mubasher: Abu Dhabi Securities Exchange (ADX) deepened its losses on Wednesday, amid selling pressures on selective stocks led by Etisalat.
The general index declined 0.94% or 41.8 points to 4,385.58 points.
The telecom sector slid 2.7%, pressured by the decline of Etisalat.
The banks sector went down 0.5% after Abu Dhabi Commercial Bank (ADCB) and First Gulf Bank (FGB) retreated 2.4% and 0.4% in a row.
The decline of heavyweight Etisalat, FGB and TAQA contributed to the market’s losses, capital market analyst Nawaf Al-Ajmi said.
The market regained portfolio investors’ interest in blue chips and mid caps, especially in the real estate sectors, Al-Ajmi added.
The real estate sector advanced 0.84% due to a rise in RAK Properties and Aldar Properties.
The investment sector gained 0.5%, spurred by the uptrend of Waha Capital.
Trading volume reached 149.8 million shares on Wednesday, compared to 243.7 million shares on Tuesday.
Turnover stood at AED 185.4 million, compared to AED 249 million.
Al-Ajmi expected the market to see a volatile trend on Thursday.
If the general index stabilises above 4,400 points, it will be able to target 4,500 points, Al-Ajmi noted.
