By: Bedour El-Raie
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) registered its second straight gain at the closing of Tuesday’s trading session, backed by a rise of its leading stocks particularly those in the banking and real estate sectors amid growth in trades.
The general index increased 1.27% or 54.80 points and closed at 4,355.83 points. Turnover reached AED 241.4 million up from AED 202.76 million on Monday, as 139.02 million shares changed hands against 132.27 million in the previous session.
The general optimistic atmosphere has continued to dominate the ADX for the second straight session, coinciding with strong growth in oil price after the Organisation of Petroleum Exporting Countries (OPEC) decided to trim production, commented Raed Diab, KAMCO’s vice president of investment research.
He added that gains by blue chips further boosted the market.
Meanwhile, Eyad Al-Bareeqy, general manager at Al-Ansari Financial Services (AFS), told Mubasher: “Both UAE markets witnessed growth in trading backed by buying by investment portfolios and a rise in foreign liquidity.”
The rise in oil prices also encouraged minority investors and shareholders to re-enter the market, Al-Bareeqy added in his comment.
He noted that the there was a collective rise of stocks in the ADX, after a period where selective buying was dominant.
Positive performance is likely to continue amid a rise in oil prices and the re-entering of new liquidity to the twin UAE markets, Al-Bareeqy stated.
The banking sector rose 1.68% as Abu Dhabi Commercial Bank (ADCB), the National Bank of Abu Dhabi (NBAD) and Abu Dhabi Islamic Bank (ADIB) grew 3.55%, 2.34% and 2.02%, respectively. First Gulf Bank (FGB) was up 1.69%.
The real estate sector gained 1.56% on the back of ALdar and RAK Properties, which increased 2.36% and 1.5%, respectively.
Eshraq Properties was the most active stock in terms of turnover after generating AED 62.22 million through the exchange of 59.08 million shares. The stock ended the session down 2.8%.
Translated by Nada Adel Sobhi
