By: Mahmoud Gamal
Abu Dhabi-Mubasher: Abu Dhabi Securities Exchange (ADX) maintained its downward trend for the second session on Monday, weighed by profit-taking in all sectors.
The general index lost 0.43% or 18.71 points to close at 4,354.83 points.
The support level for the index stands at 4,300 points, Raed Diab, Vice President of Investment Research Department in KAMCO, told Mubasher.
The index is likely to fall to 4,200 points if it moved below the support level in the coming sessions, he added.
Turnover reached AED 326.6 million on Monday, compared to AED 280.53 million on Sunday.
Trading volume stood rose to 250.17 million shares from 138.25 million shares.
The energy sector declined 2.8% as TAQA fell 6.38%.
The consumer staples sector slid 2.5% after Agthia Group retreated 2.9%.
The banks sector decreased 0.9% due to a decline in First Gulf Bank (FGB) by 2.09%.
On the flipside, the real estate sector gained 1.4% after Aldar Properties added 1.8%.
Aldar was the most active company after generating AED 68.6 million from the exchange of trading 24.9 million shares.
There is a significant trading activity on Aldar as it sees resistance at AED 3, Diab said.
Aldar’s stock needs to exceed AED 3.48 to maintain its upward trend, he noted.
The market is likely to continue its volatile trend in the coming sessions, Diab said, adding that the index is expected to target 4,200 and 4,600 points in a row.
