By: Bedour Al Raie
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) ended Wednesday on a low note, registering its second straight decline, and pressured by the banks and real estate sectors.
The general index slipped 0.09% or 3.91 points to close at 4,519.58 points.
Turnover fell to AED 103.8 million on Wednesday from AED 125.72 million on Tuesday, while traded volume increased to 54.25 million shares from 46.8 million.
The banks sector shed 0.53%, pressured by Abu Dhabi Commercial Bank (ADBC), which fell 1.53%, while the real estate sector lost 0.26% after Eshraq Properties decreased 1.39%.
The energy sector slipped 0.13% after ADNOC Distribution lost 0.38%.
Commenting on the ADX’s performance on Wednesday, senior financial analyst at MenaCorp Issam Kassabieh said that bourses were lacking in investors as many portfolios were awaiting catalysts such as initial public offerings (IPOs).
Those trading on the ADX today were mainly focused on Etisalat’s stock after the company began a buyback the day before, the analyst told Mubasher, indicating that most of the pressure seen on the ADX on Wednesday was in the banks sector.
The telecom sector and its stock Etisalat gained 0.85% each, while the consumer staples sector registering the largest increase on Wednesday, after Agthia’s stock jumped 3.75%.
Translated by: Nada Adel Sobhi
