By: Bedour Alraei
Abu Dhabi – Mubasher: The main Index of Abu Dhabi Securities Exchange (ADX) fell by 5.9% or 252.89 points to 4,054.37 points in January, the biggest monthly decline since five months.
The number of traded shares also decreased to 1.81 billion last month from 2.05 billion shares in December 2015.
Turnover dipped by 35.22% to AED 3.44 billion, versus AED 5.23 billion. The market value reached AED 392.21 billion.
The energy sector was the worst performer as Dana Gas and Taqa shares dropped 15.7% and 8.5% respectively.
The banking sector moved down 9.12%, affected by the fall in First Gulf Bank and Abu Dhabi Commercial Bank by 10.3% and 9% respectively.
The real estate sector also declined by 2.41% as Eshraq slipped 5.5% and Aldar slid 1.3%.
On the other hand, the telecom sector rose 0.31%, driven by the positive performance of Etisalat.
“The regions markets will remain exposed to further volatility, and real recovery will not take place until oil prices stay above the level of $30 per barrel,” financial analyst, Mahmoud Abu Zeid, told Mubasher.
Translated by: Elwy el-Manzalawy
