By Bedour El Raie
Abu Dhabi – Mubasher: Abu Dhabi Securities Exchange (ADX) moved lower on Wednesday, reversing a two-session winning run, as it was dragged by the fall in oil prices to a 12-year low.
The main gauge shed 3.13% or 121.60 points to close at 3,767.64 points.
The market decline was spurred by oil prices that fell on Wednesday after IEA issued a report warning against a surge in oil supply this year following the lifting of sanctions against Iran.
Traders’ sentiment was negatively affected today by the oil fall and rising worries about oil supply and China’s economy, said capital market analyst Amir Al Mansour.
Trading activity gained momentum across the board, as traded volume rose to 127.3 million shares from 106.52 million shares, while traded value increased to AED 167.07 million ($45.5 million) from AED 154.75 million ($42.123 million).
Market capitalisation shed around AED 9.28 billion ($2.53 billion) to reach AED 367.70 billion ($100.09 billion).
All sectors were in red, led by investment that tumbled 9.30%. Energy fell by 8.56% after Dana Gas lost 9.52% and Taqa went down by 4.88%.
The banks sector pulled back 4.14% after FGB and ADIB lost 5.48% and 4.46% in a row.
The real estate sector was off 3.90% dragged by Eshraq and Aldar that lost 6.52% and 3.45% respectively.
The telecoms sector decreased by 0.95% due to Etisalat.
