By: Mahmoud Gamal
Abu Dhabi-Mubasher: The Abu Dhabi Securities Exchange (ADX) maintained its rise on Tuesday amid a decline in trading activity, spurred by the banks and telecom sectors.
The general index rose 0.56% or 23.6 points to reach 4,222.16 points.
The market’s gains were mainly attributed to purchases of selective stocks, according to Raed Diab, vice president of Investment Research Department in KAMCO.
Turnover stood at AED 87.59 million on Tuesday, compared to AED 144.3 million on Monday.
Trading volume reached 52.63 million shares, compared to 116.8 million shares.
The market still sees weak trading activity, especially with no positive catalyst likely to appear in the coming period, in addition to unclear trend of the oil market and anticipation of Fed's decision on interest rates.
The banks sector advanced 0.97% after First Gulf Bank (FGB) levelled up 0.86%.
The telecom sector grew 0.58% as Etisalat increased 0.58%.
The energy sector went up 1.2% due to a rise in TAQA by 5.7%.
ADX is likely to see more trading in the short term, Diab said, adding that the selling pressures will not end as long as the index is below 4,250 points.
Translated by: Julian Nabil
