By: Bedour Ibrahim
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) closed Tuesday in the red, weighed down by energy and telecommunications sectors.
The Abu Dhabi General Index (ADI) dropped 0.69%, or 30.27 points, to 4,367.11 points.
By the end of Tuesday’s session, the ADX’s indices fell slightly on the back of profit-taking after the market had seen a reasonable hike at the opening, said Gamal Aggag, general manager at Al Sharhan Stock Centre.
Moreover, the general index saw a resistance at 4,420 points, and breaking this level increases the possibility to touch the level of 4,450 points, vice president of Investment Research at KAMCO Raed Diab told Mubasher.
Diab added that retreating below 4,335 points may push the ADX’s general index to the level between 4,245 points and 4,335 points.
The ADX’s trading volume dropped to 62 million shares on Tuesday compared to 74.77 million on Monday, with a turnover of AED 204.145 million down from AED 226.56 million in the previous session.
The energy sector topped the market’s losers shedding 3.12% after Dana Gas fell 4.17%.
The telecommunications sector and its stock Etisalat went down 1.71% each.
Similarly, the real estate sector tumbled 1.02% after Eshraq Properties and Aldar Properties sank 2.78% and 0.91%, respectively.
The banks sector inched down 0.16%. First Abu Dhabi Bank, which slid 0.48%, was the market’s most active stock in terms of trading value with AED 59.8 million.
Meanwhile, the goods sector rose 0.41%, encouraged by International Holding Company’s (ASMAK) 2.07% rise.
General manager at Al Sharhan Stock Centre affirmed that the ADI is stable in the positive territory, with no signs of ending purchasing trends after correction movement over the last period.
Aggag projected that UAE’s bourses may swing over the coming period in anticipation of new catalysts and announcement of 2017 financial results of the market-listed firms.
Translated by: Kholoud Mohamed Hussein
