By: Bedour Al Raee
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange’s (ADX) general index fell 0.25%, or 11.54 points, to close at 4,588.86 points on Wednesday, dragged down by the banks and energy sectors.
The ADX’s trading volume nearly halved to 31 million shares from 60.7 million on Tuesday, while the market’s liquidity dropped to AED 97.7 million, compared to AED 128.5 million in the previous session.
The ADX has lost its upward trend and some fluctuations are likely to happen over the coming period amid the anticipation of fresh market-boosting catalysts and pumping more foreign liquidity, which could help create new positions, vice president of Investment Research at KAMCO Raed Diab told Mubasher.
The banks sector fell 0.47% after Abu Dhabi Commercial Bank (ADCB), Abu Dhabi Islamic Bank (ADIB), and First Abu Dhabi Bank (FAB) went down 0.95%, 0.73%, and 0.44%, respectively.
The energy sector sank 0.19%, as TAQA tumbled 1.56%.
On the other hand, the real estate sector upped 0.14%, pushed up by Eshraq Properties which rose 1.43%.
The industrial sector grew 1.26%, as Sharjah Cement soared 8.26%, while RAK Ceramics surged 3%.
The decline in the US, European, and Asian bourses is still affecting the UAE’s markets, director general of Al Ansari Financial Services Eyad Al Bariqi said.
This impact should be offset by the positive disclosures and generous subsequent dividends recommended by the boards of some banks and companies, Al Bariqi added.
FAB was the most actively-traded stock on the ADX in terms of liquidity, with a turnover of AED 45 million, while Eshraq Properties topped the market in terms of volume with 5 million traded shares.
Translated by: Muhammad Khalid
