By: Mahmoud Gamal
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange’s (ADX) main index closed in the green in the first week of October after two successive weeks in decline.
The main index rose 0.38% or 16.8 points to 4,414.16 points.
The telecommunication sector rose 3% after Etisalat grew 2.8%.
The increases in ADX came in the context of the stock collection carried out by Emirati portfolios in Etisalat’s stock before the disclosure of the financial results, Mena Corp financial analyst Issam Kassabieh told Mubasher.
Meanwhile, the energy sector dropped 3.2% after Dana Gas shed 4%.
The banks sector shed 0.8% on the back of First Abu Dhabi Bank’s (FAB) 0.5% decline.
Kassabieh expected that the selling of Dana Gas’ shares will continue, adding that the company could suffer big losses if a judgment passed in favor of the sukuk holders in the current case.
The Sharjah Court of Justice adjourned on Thursday its judgment on the legality of $700 million sukuk issued by Dana Gas.
Trading volume decreased to 377.85 million shares from 403.84 million shares last week, while trading value dropped to AED 636.94 million from AED 1.17 billion.
Translated by: Muhammad Abdulwakeel
