By: Mahmoud Gamal
Abu Dhabi-Mubasher: Abu Dhabi Securities Exchange (ADX) gave up its early-session gains on Wednesday, pressured by Aldar Properties and First Gulf Bank (FGB).
The general index retreated 0.2% or 9.7 points to 4,299.35 points.
Turnover stood at AED 201.8 million on Wednesday, compared to AED 176.67 million on Tuesday.
Trading volume rose to 174.2 million shares, up from 124.30 million shares.
Investors traded cautiously and sold some of their blue chips on Wednesday, echoing bearish sentiment from global markets while IMF reports on how tangible global economy is made things worse, capital market analyst Gamal Abdel Hamid told Mubasher.
The global economy is recovering but growth is “fragile and weak,” Lagarde said on Tuesday.
The markets’ decline showed that the main indexes target to continue their corrections on a technical level, Abdel Hamid explained.
The banks sector fell 0.9%, hit by First Gulf Bank (FGB) which skidded 0.4%.
The real estate sector declined 0.6% as Aldar retreated 0.7%.
On the flipside, the telecom sector added 0.8% after the telecom sector rose 0.8%.
The UAE markets will continue their correction if there are opportunities giving “entry” signal, Abdel Hamid noted.
