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ADX rises on FGB after 3-week fall

ADX rises on FGB after 3-week fall
Photo Credit: Arabianeye-Reuters

By: Bedour Al Raie

Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) rose during the fourth week in March, following three weeks of losses.

The index grew 0.82% or 35.5 points and closed at 4,373.13 points, after rising on Monday, Tuesday and Thursday.

The banking sector grew 1.71% during the week, backed by First Gulf Bank (FGB), which surged 5.47%, whereas the National Bank of Abu Dhabi (NBAD) dropped 3.45%. Abu Dhabi Commercial Bank (ADCB) and Invest Bank also fell 0.17% and 7.41%, respectively.

The energy sector slid 5.57% as Dana Gas plunged 11.6%.

The real estate sector lost 2.08% as Eshraq Properties plummeted 9.33%, whereas Aldar’s 3.60% gains failed to boost the sector.

The telecom sector rose 0.41%, backed by Etisalat, following the company’s announcement that its shareholders approved a cash dividend and capital hike on Tuesday.

Turnover grew this week to AED 977.133 million as 410.55 million shares changed hands against AED 840 million last week, when 315.65 million shares were exchanged.

While staying in the green is positive, liquidity still remains low and does not help markets rise or hold, said capital analyst Waddah Taha, adding that the rise in oil prices has boosted the markets as the link still persists between UAE markets and oil price movements.

Meanwhile, analyst Tarek Essawy said that any improvement in the coming period is likely to be accompanied by rising liquidity, which will confirm the strength of the rebound,

 

Translated by: Nada Adel Sobhi