By: Mahmoud Gamal
Abu Dhabi-Mubasher: Abu Dhabi Securities Exchange (ADX) saw an uptrend on Thursday, amid increasing selective purchases of blue chips.
The general index rose 0.04% or 1.67 points to 4,387.25 points.
The insurance sector topped gainers after adding 1.6% due to a rise in Abu Dhabi National Insurance Co. (ADNIC).
The banks sector grew 0.09% as First Gulf Bank (FGB) increased 0.4%.
The real estate sector advanced 0.07% after RAK Properties went up 3.23%.
The market’s slight rise is mainly attributed to purchases of the banks stocks, in addition to positive results announced by insurance firms, market analyst Mohamed Al Harbi said.
Stability of Etisalat at AED 18.5 despite Global’s “Sell” recommendation shows that portfolios are not currently selling blue chips until the market’s trend becomes clearer, said Al Harbi, adding that the index will see important resistance in the coming sessions.
The energy sector was the worst performer with a 0.78% decline, pressured by TAQA which fell 0.78%.
The investment sector retreated 0.47% due to the downtrend of Waha Capital.
Trading volume reached 85.24 million shares on Thursday, compared to 149.8 million shares yesterday.
Turnover declined to AED 166.25 million from AED 185.4 million.
ADX is likely to continue its volatile performance, Al Harbi noted, adding that the investors will put their money back into blue chips if the main index stabilises above 4,400 points.
