By: Mahmoud Gamal
Abu Dhabi-Mubasher: The Abu Dhabi Securities Exchange (ADX) trimmed its early losses at close on Tuesday, amid selective purchases of real estate stocks led by Aldar Properties.
The main index fell 0.02% or 0.71 points to reach 4,494.42 points.
The real estate sector erased some of the market’s losses after gaining 1.2%, backed by Manazel Real Estate and Aldar which advanced 1.9% and 0.7% respectively. The energy sector also grew 0.67% after Dana Gas which went up 1.8%.
The gains seen by some real estate stocks pushed the market to close with lower losses, according to capital market analyst Eyad Al Qubaisi.
Aldar’s stock should move above AED 2.9 to attract purchases and improve the general index’s trend, Al Qubaisi added.
The consumer staples sector topped losers after declining 1.8%, in line with the fall of Agthia by 1.33%.
The telecom sector slid 0.25% as Etisalat retreated 0.25%. Similarly, the banks sector decreased 0.05% after First Gulf Bank (FGB) levelled down 0.04%.
Trading activity is still weak amid expectations of no positive catalysts in the coming period, in addition to the unclear trend of oil prices, the analyst explained.
Turnover amounted to AED 175.16 million on Tuesday, compared to AED 88.44 million generated on Monday. Trading volume stood at 134.90 million shares, compared to 61.92 million shares.
Translated by: Julian Nabil
