By: Bedour El Raee
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) ended Sunday’s trading session in green territory, hitting the highest level since 2014, supported by the growth of First Abu Dhabi Bank’s (FAB) stock.
The general index grew 2.41%, or 121.68 points, ending the first session of the week at 5,174.02 points.
The ADX’s turnover increased to AED 276.537 million on Sunday, compared to AED 189.94 million on Thursday, while the trading volume levelled up to 68.48 million shares, against 63.11 million shares in the previous session.
FAB’s stock acquired 57%, or AED 157.89 million, of the market’s total liquidity.
The growth of FAB’s stock comes after the UAE's biggest lender by assets announced obtaining the approval of the Central Bank of the UAE and Securities and Commodities Authority (SCA) to raise foreign ownership limit to 40% instead of 25%.
The decision affected the ADX positively and enhanced the market’s performance, Eyad Al Bouriki, general manager of Al Ansari Financial Services, told Mubasher.
Al Bouriki noted that increasing the lender’s foreign ownership limit helped in attracting further foreign inflows.
By the end of the session, the banks sector topped risers with 3.72% as FAB and Abu Dhabi Commercial Bank (ADCB) grew 4.99% and 1.52%, respectively.
Similarly, the energy sector levelled up 3.36% on the back of Dana Gas’ 6.51% jump.
On the negative side, the real estate sector headed losers with 0.62% as Aldar Properties plunged 0.57%, while the telecommunication sector and its sole stock, Etisalat, went down 0.24% each.
