By: Mahmoud Gamal
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) trimmed its early losses on Wednesday, weighed down by selective buying of banks stocks.
The general index decreased 0.06% or 2.64 points to reach 4,587.67 points.
The banks sector reduced the market’s losses after rising 0.25% as Abu Dhabi Commercial Bank (ADCB) and First Gulf Bank (FGB) increased 0.7% and 0.38% respectively.
Abu Dhabi’s bourse fell amid expected profit-taking on small-cap chips in the insurance sector, according to capital market analyst Gamal Abdel Hamid.
The insurance sector jumped 3.72% as Al Wathba National Insurance Co. (AWNIC) and Al Khazna Insurance Company (AKIC) advanced 14.4% and 9.3% respectively.
The consumer staples sector grew 1.6% after Asmak and Agthia Group went up 6.5% and 1.31% respectively.
The market’s losses were mainly attributed to the possible introduction of short-selling which is expected to increase traders’ losses in the future, Abdel Hamid added.
The telecom sector led losers after falling 0.8% as Etisalat declined 0.8%. The real estate sector decreased 0.46% after RAK Real Estate and Eshraq Properties sank 2.9% and 1.9% respectively.
Turnover reached AED 104.87 million on Wednesday, compared to AED 233.24 million on Tuesday. Trading volume stood at 159.62 million shares, compared to 185.78 million shares.
Blue chips are likely to grow in the coming sessions, which may push Dubai bourse’s main index to rise to 4,630 points, Abdel Hamid noted.
Translated by: Julian Nabil
