By: Mahmoud Gamal
Abu Dhabi-Mubasher: The Abu Dhabi Securities Exchange (ADX) reversed the downtrend it maintained for three successive sessions on Tuesday, amid selling pressures on the telecom and banks stocks.
The general index rose 0.49% or 2.13 points to reach 4,386.42 points.
Traders are still cautious as they are awaiting oil market to confirm its trend, and the referendum on Britain's exit from the EU on 23 June, according to Raed Diab, Vice President of Investment Research Department in KAMCO.
The telecom sector topped gainers after adding 0.8% due to a rise in Etisalat.
The banks sector advanced 0.54% as Union National Bank (UNB), National Bank of Abu Dhabi and First Gulf Bank (FGB) rose 0.54%, 0.54% and 0.4% respectively.
Abu Dhabi’s bourse was positively affected by Etisalat, Diab noted, adding that the stock will see more selling pressures if it breaks its resistance at AED 19.05.
Trading volume reached 23.6 million shares on Tuesday, compared to 36.45 million shares on Monday. Turnover stood at AED 61.57 million, compared to AED 72 million.
Translated by: Julian Nabil
