By: Mahmoud Gamal
Abu Dhabi-Mubasher: Abu Dhabi Securities Exchange (ADX) maintained its downtrend on Monday, amid a rise in selling pressures on selective stocks led by First Gulf Bank (FGB) and Eshraq Properties.
The general index declined 0.66% or 28.88 points to close at 4,345.31 points.
The banks sector fell 1.4% as FGB, Abu Dhabi Commercial Bank (ADCB) and Abu Dhabi Islamic Bank (ADIB) levelled down 2.4%.
Lower-than-expected financials of the banking sector led to profit-taking on banks stocks, pressuring down the market, according to capital market analyst Omar Harb.
Despite the market’s downtrend, investors tend to increase their positions in mid caps, showing that the market’s decline is normal, Omar Harb added.
The energy sector was the best performer with a 1.2% rise, backed by TAQA which advanced 5.6%.
The telecom sector stabilised at its previous level.
Trading volume reached 73.96 million shares on Monday, compared to 110.53 million shares on Sunday.
Turnover stood at AED 154.37 million, compared to AED 108.53 million.
The general index is expected to reach 4,300 points in the coming sessions, continuing its correction, Omar noted.
