By: Bedour Al Raey
Abu Dhabi – Mubasher: Abu Dhabi Securities Exchange (ADX) saw a positive performance in 2016, backed by the real estate, telecom and energy sectors.
The main index rose 5.55% or 239.11 points to the level of 4,546.37 points.
Traded volume reached 29.258 billion shares exchanged at AED 48.81 billion compared to 27.51 billion shares at a value of AED 59.13 billion in 2015.
The telecom sector increased 16.77%, backed by Etisalat.
The banks sector went up 1.32%, after First Gulf Bank and National Bank of Abu Dhabi gained 1.58% and 25.50%, respectively.
The insurance sector added 6.60% after Methaq Takaful Insurance hiked 50%.
On the other hand, the industry sector lost 12.74%, weighted Abu Dhabi National Company for Building Materials (Bildco) which retreated 44.44%.
The real estate sector topped gainers and hiked 20.11%, after Eshraq advanced 87.41% and Al Dar Real Estate by 11.64%.
The energy sector levelled up 7.14%, as Taqa rose 12.56%, while Dana Gas decreased 5.81%.
Etisalat topped trades in 2016 by around AED 8.96 billion turnover.
ADX saw a fluctuating performance in 2016, amid oil prices change and global incidents, such as the Brexit, Eyad Al-Bareeqy, general manager at Al-Ansari Financial Services (AFS), told Mubasher.
Fadi El Ghattis, CEO of Think Financial Studies, expected that the market's situation to remain fluctuating in the first quarter of 2017, due to higher supply and demand challenge in the real estate sector.
Oil fluctuating prices will keep on pushing on the market, especially in the second half of the next year, adding to raising the US interest rate, El Ghattis added.
On the monthly level, the general index increased 5.51% in December, compared to 0.20% in November, trading 2.092 billion shares at a value of AED 3.54 billion.
Translated by: Sara Ghali
