By: Bedour Al Raee
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange’s (ADX) general index shed 43.57 points, or 0.1%, 4,597.66 points during February on the back of the real estate and the telecommunication sectors, despite the generous dividends of leading companies in the market.
The market capitalisation lost around AED 5.26 billion to AED 469.831 billion in February, compared to AED 475.088 billion in the previous month.
Over the month, the DFM’s trading volume dropped to 1.19 billion shares versus 1.81 billion in January, while the market’s liquidity tumbled to AED 2.6 billion against AED 3.33 billion a month earlier.
The ADI declined in the second month of 2018 due to the geopolitical risks and the introduction of the value-added tax (VAT) in the UAE, vice president of Investment Research at KAMCO Raed Diab told Mubasher.
The market will probably see more decline in the coming months, which will affect most of the listed stocks, amid the lack of market-moving catalysts, Diab added.
The real estate sector dropped 4.27% after Aldar Properties and Eshraq Properties levelled down 5.68% and 2.67%, respectively.
The telecommunication sector and its only stock, Etisalat, went down 3.37%, respectively.
On the other hand, the energy sector surged 5.05% as TAQA soared 48.15%.
The banks sector grew 1.52% after First Abu Dhabi Bank (FAB) jumped 3.13%.
The investment sector gained 3.51%, as Waha Capital increased by 3.86%.
Translated by: Muhammad Khalid
