By: Enas Bahgat
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange’s (ADX) general index lost about 11.79 points, or 0.25%, to close at 4,685.44 points on Sunday with lower liquidity.
The ADX’s trading volume shrank to 96.26 million shares from 152.18 million on Thursday, while the market’s liquidity declined to AED 182.05 million versus AED 202.03 million in the previous session.
The energy sector tumbled 2.35% after Dana Gas dropped 5% and Adnoc Distribution shed 0.41%.
The telecommunication sector and its only stock, Etisalat, went down 0.29% each.
In a similar vein, the banks sector sank 0.23% after Bank of Sharjah (BOS) and First Abu Dhabi Bank (FAB) lost 0.92% and 0.4%, respectively.
Sell-off has reached its peak, technical analyst Ibrahim Al Felkawy said, adding that the market is expected to see a technical bounce through some cherry-picking transactions.
Translated by: Muhammad Khalid
