By: Mahmoud Gamal
Abu Dhabi-Mubasher: Abu Dhabi Securities Exchange (ADX) closed lower on Tuesday, as the banks and telecom sectors hit the minus column.
The general index decreased 1% or 40.99 points to reach 4,062.06 points.
ADX entered a temporary correction phase, on internal pressures including speculations and foggy outlook on the index’s trend, in addition to volatile oil prices and global markets, said Fady Al-Ghattis, CEO of Think Financial Services.
Al-Ghattis added that long-term investors should make use of attractive opportunities in the current period whereas speculations are pointless.
Trading volume reached 303 million shares on Tuesday, compared to 188.64 million shares on Monday. Turnover stood at AED 271.63 million ($73.9 million), compared to AED 227.42 million ($62 million).
The banks sector declined 1.7%, weighed by First Gulf Bank which fell 1.7%.
The telecom sector retreated 0.63% as Etisalat levelled down 0.63%.
On the flipside, the energy sector increased 5.06% after Dana Gas grew 6.25%.
The real estate sector advanced 1.7% due to a 1.27% increase in Aldar Properties.
The analyst said that the general index will continue to see corrections until new catalysts come up to change the market’s trend.
Translated by: Julian Nabil
