By: Mahmoud Gamal
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) reversed the positive performance it had maintained for four successive sessions on Tuesday, weighed down by the fall of banks stocks.
The general index fell 0.08% or 3.65 points to reach 4,588.06 points.
Trading volume reached 23.12 million shares on Tuesday, compared to 185.02 million shares on Monday. Turnover amounted to AED 75.50 million, compared to AED 280.68 million.
The market stabilised; yet, investors are anticipating more catalysts in the coming period, Raed Diab, vice president of Investment Research Department at KAMCO, told Mubasher.
The market may see fluctuations but it will not see a downtrend, the vice president added.
The ADX may suffer more losses if it manages to close below its support at 4,500 points, Diab noted.
If the main index breaks above its resistance at 4,610-4,625 points, it will target 4,670 points, Diab explained.
The banks sector lost 0.25% as First Abu Dhabi Bank retreated 0.46%.
The industrial sector led losers with a 1.47% decrease as Gulf Cement Co (GCEM) slid 12.37%.
On the other hand, the real estate sector rose 0.21% after Aldar Properties went up 0.42%.
The telecom and energy sector stabilised at their current levels.
Translated by: Julian Nabil
