By: Mahmoud Gamal
Abu Dhabi-Mubasher: Abu Dhabi Securities Exchange (ADX) saw a positive performance on Monday, backed by the energy, real estate and banks sectors, in addition to liquidity inflows, an analyst told Mubasher.
The general index increased 0.6% to 4,385.47 points.
Turnover reached AED 154.36 million on Monday, compared to AED 56.39 million on Sunday.
The market’s uptrend is mainly attributed to purchases of blue chips led by Dana Gas and Aldar Properties, Raed Diab, Vice President of Investment Research Department in KAMCO, told Mubasher.
Trading volume grew to 111 million shares from 50.36 million shares.
The energy sector topped risers after adding 5.6% , buoyed up by TAQA and Dana Gas which increased 13% and 4%, respectively.
The real estate sector levelled up 2.8% as Aldar and Eshraq Properties advanced 2.9% and 2.6% in a row.
The banks sector edged 2.4% higher after National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB) grew 1.5% and 0.4%, respectively.
Etisalat was the most traded stock and it generated AED 37 million. It fell 0.5% at close.
The decline of heavy weight Etisalat’s market value prevented ADX from making bigger gains, Diab explained.
Etisalat is fluctuating between AED 17.5 and AED 19.05 since the beginning of April, the analyst noted.
The market needs to break above 4,400 points to maintain its upward trend and target its resistance at 4,600 points, Diab added.
ADX is likely to fall to 4,150 and 4,070 points in a row, if the main index declines near the level of 4,250 points.
