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Abu Dhabi shares down in Jan, shrug off financials

Abu Dhabi shares down in Jan, shrug off financials
Photo Credit: Arabianeye-Reuters

By Bedour AlRaie

Abu Dhabi-Mubasher: Abu Dhabi Securities Exchange (ADX) index fell in January as it was hurt by real estate and bank stocks.

The benchmark lost 72 points or 1.59% to close at 4456.82 points, compared with 4528.93 points at December-end.

Market capitalization rose by AED 3.55 billion ($0.96630 billion) to reach AED 409.31 billion.

The real estate sector fell by 9.38% as it was pressured by Aldar (-10.57%). Eshraq and RAK Properties also went down 5.06% and 2.70% respectively.

Energy sector came second (-5.45%), upon the decline of Dana Gas (-8%) due to continued slump in oil prices.

Banks sector also sagged 1.77% hurt by NBAD (-8.21%) that was not helped by posting profit rise in FY14. ADIB also went down 7.4% in January despite higher full-year profit.

Wadah Al-Taha, financial analyst, attributed the decline in stocks to investors’ dissatisfaction with cash dividends.

Wael Al-Mahdi, head of trading, Dalma Securities, said trading in January was unexpected, adding that it was similar to that of a year earlier.

He added that stocks did not respond with financial results that came positive especially in the banks sector.

Trading levels fell to the lowest in fourth months, reaching AED 4.4 billion with a traded volume of 1.9 billion shares.

Four sectors moved higher topped by investment (+12.77%) backed by Waha Capital. The telecommunication sector also rose 0.9% backed by Etisalat (+0.9%).

Translated by Sayed Abdulrahman

Photo Credit: Arabianeye-Reuters