By: Mahmoud Gamal
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) trimmed its early losses on Wednesday, backed by portfolio investors’ selective purchases of banks and energy stocks.
The main index fell 0.56% or 24.51 points to stand at 4,323.39 points.
The banks sector gained 0.33%, backed by Union National Bank (UNB), First Gulf Bank (FGB) and National Bank of Abu Dhabi (NBAD) which added 1.5%, 0.84% and 0.7% respectively.
The energy sector rose 0.10% as TAQA was the best performer with a 7.14% increase.
The banks stocks attracted more purchases, leading the market to close with lower losses, according to capital market analyst Eyad Al Qubaisi.
The telecom sector led losers after falling 2.38%, weighed down by Etisalat which slid 2.38%. The real estate sector also sank 0.10% as RAK Properties decreased 1.52%.
Trading volume fell 12.2% to 254.72 million shares on Wednesday, compared to 290.09 million shares on Tuesday. However, turnover rose 1.4% to AED 323.66 million from AED 319.26 million.
Trading activity is still weak, he said, adding that the market is likely to maintain its sideways-to-bearish performance amid anxiety over oil prices and the aftermath of the US elections.
Translated by: Julian Nabil
