By: Enas Bahgat
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) closed in the red on Wednesday on the back of the profit-taking on blue chips.
The main index lost 0.17% or 7.41 points to 4,433.72 points.
After three successive sessions of gains, the ADX retreated on Wednesday due to the profit-taking on the majority of its blue chips, vice president of investment research at KAMCO Raed Diab told Mubasher.
The ADX’s general index is seeing resistance at 4,485 points and the breaking of which will boost the index to 4,456 points, Diab added, noting that the index should close at 4,485 points or 4,510 points to lessen the risk of declining.
The real estate sector dropped 0.71% after Sharjah Properties shed 8% and Aldar declined by 0.86%.
The banks sector decreased by 0.42% after Union National Bank (UNB), First Abu Dhabi Bank (FAB), and Abu Dhabi Commercial Bank (ADCB) fell 1.17%, 0.48%, and 0.14%, respectively.
Meanwhile, the telecommunications sector and its stock Etisalat both rose 0.57% at Wednesday’s close.
The ADX’s trading volume increased to 78.2 million shares from 40.3 million shares on Tuesday, while trading value grew to AED 125.6 million from AED 62.9 million.
ADCB was the most-actively traded stock in terms of both volume and value, with 3.8 million shares, generating AED 27.6 million.
The fluctuated market performance will continue in the coming period until the emergence of strong incentives that can set a clear trend such as companies’ financial results for the third quarter of 2017, Diab concluded.
Translated by: Muhammed AbdulWakeel
