Abu Dhabi – Mubasher: Abu Dhabi Securities Exchange rose for the fourth successive week, while trading activity lost momentum.
The main index, or ADI, rose this week by as much as 1.8% or 79.39 points to end at 4,499.90 points.
Hassan Al Hawsani, analyst, told Mubasher earlier today that UAE indices currently stand at technically solid levels and may break above next resistance levels, adding that the market needs more position building to continue the bull run.
The weekly traded value declined to AED 1.40 billion, from AED 1.799 billion last week. Likewise, traded volume decreased to 1.06 billion shares from 1.38 billion shares.
ADX capitalisation gained around AED 7.87 billion ($2.14 billion) to reach AED 434.52 billion ($118.27 billion), compared with AED 426.65 billion ($116.131 billion).
Sector-wise, banks rose by 2.47% during the week, powered by ADCB and FGB that added 10.88% and 1.17% in a row.
Similarly, the energy sector advanced by 5.18% fueled by Dana Gas and TAQA that pulled ahead by 5.88% and 2.22% respectively.
The real estate sector ended the week 2.63% higher as Eshraq and Aldar rose by 5.41% and 1.97% in a row.
Waddah Al Taha, market analyst, said GCC bourse shrugged off Moody’s sovereign rating actions for some GCC states. He added correlation to global markets and oil prices fueled investor appetite for GCC equities.
Translated by Sayed Abdel Rahman
