By: Mahmoud Gamal
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange’s (ADX) main index surged 159.6 points, or 3.2%, to 4,915.07 points by the end of the first quarter of 2018, boosted by a rise in the banks’ and real estate’s stocks.
The banks sector levelled up 9.11% as the stocks of Abu Dhabi Commercial Bank (ADCB), Union National Bank (UNB), Abu Dhabi Islamic Bank (ADIB), and First Abu Dhabi Bank (FAB) grew 16%, 16%, 13.66%, and 10.1%, respectively.
The real estate sector jumped 11.93% after Aldar Properties’s stock increased 17.53%, while the stock of Eshraq Properties gained 4.76%.
The banks sector’s stocks are expected to see an upward trend over the coming period, vice president of Investment Research at KAMCO Raed Diab told Mubasher.
The financial statements of listed-firms in the UAE’stwin bourses have surpassed expectations, Diab added.
The energy sector rose 3.08% as Dana Gas’s stock went up 9.03%.
On the other hand, the telecommunication sector and its only stock, Emirates Telecommunications Group (Etisalat), dropped 1.07%, each.
The ADX’s market capitalisation increased AED 12 billion to AED 508.16 billion by the end of Q1-19, from AED 496.17 billion during Q1-18.
Translated by: Mohammad Hesham Azab
