By: Mahmoud Gamal
Abu Dhabi-Mubasher: Abu Dhabi Securities Exchange (ADX) closed in the red on Monday, dragged by selling pressures and investors’ bearish sentiment on lower oil prices.
The general index lost 0.63% or 24.20 points to reach 3,814.85 points.
Oil prices drop led portfolios to be cautious and not to build new positions at the markets’ closing, said technical analyst Faysal Boushahri.
He added that institutions await the markets to reverse their downward trend to pump new investments and build positions.
Trading volume dropped to 76.03 million shares on Monday, compared to 169.24 million shares on Sunday. Similarly, turnover fell to AED 143.7 million ($39.11 million), compared to AED 190 million ($51.72 million).
Boushahri added that there were selling pressures on cheap and blue-chip stocks which accounted for the biggest share of trading, yet the markets saw low liquidity.
The banks sector slid 1.11% as First Gulf Bank levelled down 2.4%.
The real estate sector also retreated 0.3% after Eshraq Properties and RAK Properties sank 2.7% each.
Translated by: Julian Nabil
