By: Mahmoud Gamal
Abu Dhabi-Mubasher: The Abu Dhabi Securities Exchange (ADX) continued its rise for the second week in a row, spurred by the rise of the telecom, real estate and energy sectors.
The main index added 0.02% or 0.89 points to reach 4,576.73 points.
The telecom sector was the best performer with a 5% rise, backed by Etisalat which went up 5%.
The energy sector advanced 2.54% as TAQA and Dana Gas gained 5.77% and 1.75% respectively. Similarly, the real estate sector grew 1.9% after Aldar Properties and RAK Properties increased 1.86% and 1.69% respectively.
On the flipside, the banks sector fell 2.9% as First Gulf Bank (FGB) retreated 4.7%.
Trading volume reached 356.32 million shares this week, compared to 72.12 million shares last week. Turnover stood at AED 924 million, compared to AED 261 million.
Abu Dhabi bourse was positively affected by the rise of oil prices above $46 per barrel, in addition to the recovery of global markets in the awake of Brexit vote.
Trading volume is still weak, indicating that portfolio investors do not have plans to increase their positions especially with the beginning of second-quarter financials.
Translated by: Julian Nabil
