Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) rose at the close of Tuesday’s session, backed by the energy, real estate and telecom sectors. The market’s benchmark index added 9.5 points or 0.22% and closed at 4,390.67 points, nearing the level of 4,400 points.
The fluctuating performance of UAE markets throughout the session indicates an absence of investor confidence despite market hold, which is clearer on the Dubai Financial Market (DFM), said capital analyst Waddah Taha, adding that the situation on the ADX is a little different.
Trade volume grew on Tuesday, reaching 86.14 million shares with a turnover of AED 221.3 million against 54 million shares on Monday with a turnover of AED 153.117 million.
The energy sector surged 4.69% as TAQA rose 2.86%.
The analyst noted that oil’s rising trend boosted UAE markets, which continue to be linked to oil prices.
The real estate sector drove the ADX’s performance, rising 1.81% as Aldar grew 2.55% following its announcement on Monday that it had sold all its plots in Al-Merief in record time.
Eshraq and RAK Properties retreated 1.43% and 1.37%, respectively, cutting the sector’s gains.
Taha told Mubasher via phone that the ADX was backed by the telecom sector in anticipation of Etisalat’s shareholders’ meeting, which will approve dividends.
Markets need to “at least double liquidity” so as to hold and continue their gains as well as overcome declines and pressures that appear every now and then, the analyst noted.
Meanwhile, on the negative side, the banking sector shed 0.17% as the National Bank of Abu Dhabi (NBAD), Abu Dhabi Islamic Bank (ADIB) and Abu Dhabi Commercial Bank (ADCB) fell 3.36%, 1.40% and 0.96%, respectively.
Gains by First Gulf Bank (FGB) cut the sector’s decline, as the stock added 1.07% following the announcement that it had completed the sale of its stake in one of its subsidiaries.
The industrial sector was the biggest loser, falling 1.53% as Arkan Building Materials, Gulf Cement and Bildco plunged 6.72%, 5.17% and 4.76%, respectively.
The real estate sector was the most active in terms of turnover, reaching AED 86.03 million, backed by Aldar Properties whose turnover reached AED 60.66 million.
UAE markets should see a sideways performance in the coming period, said the analyst, adding that the declining trend is still present alongside the anticipated fluctuation of oil prices.
Translated by: Nada Adel Sobhi
