By: Mahmoud Gamal
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) gave up some of its early gains on Thursday as some portfolio investors sell energy and telecom stocks.
The general index gained 0.04% or 1.64 points to reach 4,292.08 points.
The market was negatively affected by lower oil prices despite the positive news that listed banks near merger, according to capital market analyst Eyad Al Qubaisi.
The energy sector fell 0.5% as TAQ slid 9.09%. The telecom sector also decreased 0.26% after Etisalat sank 0.26%.
Some investors built positions in real estate stocks which reached attractive price levels, Al Qubaisi noted.
On the flipside, the real estate sector rose 1.55% as Eshraq Properties and Aldar Properties increased 1.96% and 1.61% respectively. The banks sector went up 0.02% after United Arab Bank (UAB) grew 1.14%.
Trading volume reached 150.25 million shares on Thursday, compared to 185.02 million shares on Wednesday. Turnover stood at AED 198.6 million, compared to AED 280.69 million.
Translated by: Julian Nabil
