By Mahmoud Gamal
Abu Dhabi – Mubasher: Abu Dhabi Securities Exchange (ADX) sagged on Thursday, dropping most in six months, as most major sectors were in red.
The main index fell by 3.16% or 134.97 points to close at 4,134.97 points; its lowest level since mid-December, 2015.
The panic sell-offs seen today in UAE and other GCC bourses today was expected, said Ibrahim Al-Failakawi, adding that investor sentiment was battered by the suspension of Chinese stocks after their plunge.
The UAE markets’ trend remains downwards and will likely continue in the coming period amid worsening conditions in global markets and oil, coupled with the political spat between Iran and GCC states.
A total of 78.28 million shares were exchanged at turnover reaching AED 197.82 million ($53.84 million).
The increase in today’s trading activity signals reducing positions on heavyweight stocks, according to the analyst.
