By: Mahmoud Gamal
Abu Dhabi-Mubasher: Abu Dhabi Securities Exchange (ADX) closed lower on Wednesday to end the positive performance it maintained for nine sessions.
The general index declined 0.14% or 6.46 points to reach 4595.92 points.
The market was pressured down by the exchange of positions between stocks, in addition to lower oil prices, capital market analyst Mohammed Al Ahbabi said.
Trading volume reached 88.8 million shares on Wednesday, compared to 142.1 million shares on Tuesday.
Turnover declined AED 179.13 million from AED 333.8 million.
More conservative liquidity suggests investors are holding back amid weakening oil and until global markets become more predictable, Al Ahbabi added.
Many traders are awaiting financial announcements by leading companies in the banks and telecom sectors, which may bring the liquidity back to the market, he noted
The banks sector led losers after falling 0.6%, weighed by Abu Dhabi Islamic Bank (ADIB) and Sharjah Bank which slid 6.9% and 1.5% in a row.
The energy sector decreased 3.16%, hurt by TAQA which dipped 1.5%.
On the flipside, the real estate sector advanced 0.58% as Aldar Properties gained 1.09%.
The telecom sector rose 0.26% buoyed up by Etisalat which levelled up 0.26%.
ADX is likely to continue seeing profit-taking, he said, adding that the market stands on positive levels technically as the general index is above 4,500 points.
