By: Mahmoud Gamal
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) ended the week on Thursday, 7 September, in red, weighed down by First Abu Dhabi and Etisalat stocks.
The Abu Dhabi General Index (ADI) dropped 0.33% or 14.7 points to 4468.41 points during the week.
The market capitalisation decreased AED 2.64 billion ($718 million) to AED 428.81 billion as compared to AED 431.45 billion the week before.
Turnover increased to AED 1.22 billion versus AED 306.1 million, while the trading volume rose to 904.69 million shares from 126.38 million shares.
The markets will regain its positive activities after Eid Al Adha, Ehab Rashad, CEO of Al Safwa Mubasher Financial Services, said.
The telecommunication sector dropped 1.11% this week, as Etisalat’s share fell by the same percentage.
The banks sector also slid 0.9%, weighed down by Abu Dhabi Commercial and First Abu Dhabi, with 1.92% and 0.96%, respectively.
On the other hand, the energy sector rose 21.87%, as Dana Gas went up 20.3%.
The news of the $1 billion settlement between Dana Gas and the government of Kurdistan helped the stock and the whole sector to increase, Rashad added.
Translated by: Mohammad Shokhba
