By: Bedour Ibrahim
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) reversed the bearish performance it had maintained for two sessions on Wednesday.
The general index added 0.38% or 17.44 points to reach 4,569.53 points.
Turnover amounted to AED 208.06 million on Wednesday, compared to AED 279.47 million on Tuesday. Trading volume reached 83.2 million shares, compared to 173.78 million shares.
The banks sector added 0.93% as First Gulf Bank (FGB) and National Bank of Abu Dhabi (NBAD) went up 1.83% and 1.43%, respectively.
On the flipside, the energy sector sank 2.15% as Dana Gas and TAQA tumbled 2.17% and 2.08%, respectively.
The real estate sector levelled down 0.7% after Eshraq Properties and Aldar Properties lost 1.71% and 0.42%, respectively.
FGB was the value leader after generating AED 75.05 million, while Eshraq was the most active stock with a trading volume of 31.37 million shares.
The market was backed by the rise of banks and telecom stocks, Raed Diab, vice president of the investment research department at KAMCO, told Mubasher.
The main index will reduce the possibility of its decline if it manages to break above its resistance at 4,670-4,715 points, he said, adding that its support stands at 4,350 points.
The market is likely to see a volatile performance until new catalysts appear, Diab concluded.
Translated by: Julian Nabil
