By: Enas Bahgat
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange’s (ADX) closed in the red zone on Tuesday, after its main index shed 0.77% or 34.79 points to close at 4,488.72 points.
Fluctuations, whether up or down, are expected in the coming period due to profit-taking following Monday's buying trend, vice president of Investment Research at KAMCO Raed Diab told Mubasher.
However, the market will not undergo a sharp decline, Diab added.
The banks sector dropped 0.96% after First Abu Dhabi Bank (FAB) and Abu Dhabi Commercial Bank (ADCB), decreased by 1.43% and 0.81%, respectively.
The real estate sector fell 0.78% on the back of Manazel Real estate, Eshraq Properties, and Aldar Properties, which declined by 1.82%, 1.27%, and 0.80%, respectively.
The telecommunication sector and its only stock Etisalat sank 0.56% each.
Trading volume and value more than halved to 62.8 million shares from 133.2 million shares on Monday, while the ADX’s turnover dropped to AED 100.7 million through 927 transactions, from AED 206.6 million.
Companies' upcoming financial disclosure of financial results in the coming period will be an incentive for the market, Diab commented, noting that the rising and the stabilisation of oil prices will be a positive sign.
Technically, a break above 4,530 points will sustain the growth toward the next resistance level at 4,560 points, Diab explained.
Dana Gas was the most actively-traded stock in terms of volume with 16.3 million traded shares, while FAB acquired a large portion of the ADX’s liquidity, generating AED 14.6 million through 88 transactions.
Translated by: Muhammad Abdulwakeel
