By: Bedour Al Raei
Abu Dhabi- Mubasher Exclusive: The Abu Dhabi Securities Exchange’s (ADX) benchmark slumped on Monday, pressured by the real-estate and the banking sectors. The index failed to maintain its early morning gains.
The ADX dropped for the third straight session by 0.69% or 28.99 points to 4180.76 points.
Al-Sharhan Centre General Manager Gamal Agag told Mubasher in a phone call interview that these successive declines do not directly affect the listed companies.
Agag added that traders’ speculative behavior, as well as their concerns over the opening of the American markets has affected the ADX’s decline.
He noted that short-selling via margin call operations by banks and brokerage firms on behalf of their margin traders and investors contributed to today’s losses.
Furthermore, trading volume reached 276.91 million shares, at a turnover of AED 440.3, traded through 4046 transactions.
The real-estate sector topped the most active sectors with a trading volume reaching AED 249.11 million, representing 56.6% of the total liquidity in the market. This was backed by the trading of Eshraq Properties that constituted 56% of total trading.
The real estate sector declined 2.45%, pressured by Aldar Properties which fell 3.08%.
Meanwhile, the rise of Eshraq Properties by 1.32% trimmed the sector’s losses after the Company’s trading was suspended in the middle of the session, concurrently with the refusal of Securities and Commodities Authority (SCA) to allow the Company to buy back 10% of its stocks.
Agag explained that the SCA’s refusal is due to the lack of liquidity, added to the matter that the Authority does not want to use the liquidity resulting from the capital increase to buy back the Company’s stocks.
The banking sector prompted more declines as the sector retreated by 0.90% after the National Bank of Abu Dhabi (NBAD) dropped 4.76%, and First Gulf Bank (FGB) shed 0.63%.
The industrial sector topped losers on Monday, falling 3.07% as Arkan Building Materials and BILDCO plunged by 9.49% and 8.64%, respectively. Both stocks saw a temporary halt on trading for exceeded the five percent limit.
Worth noting, the investment sector topped gainers, adding four percent supported by gains by Al Waha Capital, which also rose by four percent.
Translated by: Julian Nabil
Photo Credit: Arabianeye-Reuters
Abu Dhabi- Mubasher Exclusive: The Abu Dhabi Securities Exchange’s (ADX) benchmark slumped on Monday, pressured by the real-estate and the banking sectors. The index failed to maintain its early morning gains.
The ADX dropped for the third straight session by 0.69% or 28.99 points to 4180.76 points.
Al-Sharhan Centre General Manager Gamal Agag told Mubasher in a phone call interview that these successive declines do not directly affect the listed companies.
Agag added that traders’ speculative behavior, as well as their concerns over the opening of the American markets has affected the ADX’s decline.
He noted that short-selling via margin call operations by banks and brokerage firms on behalf of their margin traders and investors contributed to today’s losses.
Furthermore, trading volume reached 276.91 million shares, at a turnover of AED 440.3, traded through 4046 transactions.
The real-estate sector topped the most active sectors with a trading volume reaching AED 249.11 million, representing 56.6% of the total liquidity in the market. This was backed by the trading of Eshraq Properties that constituted 56% of total trading.
The real estate sector declined 2.45%, pressured by Aldar Properties which fell 3.08%.
Meanwhile, the rise of Eshraq Properties by 1.32% trimmed the sector’s losses after the Company’s trading was suspended in the middle of the session, concurrently with the refusal of Securities and Commodities Authority (SCA) to allow the Company to buy back 10% of its stocks.
Agag explained that the SCA’s refusal is due to the lack of liquidity, added to the matter that the Authority does not want to use the liquidity resulting from the capital increase to buy back the Company’s stocks.
The banking sector prompted more declines as the sector retreated by 0.90% after the National Bank of Abu Dhabi (NBAD) dropped 4.76%, and First Gulf Bank (FGB) shed 0.63%.
The industrial sector topped losers on Monday, falling 3.07% as Arkan Building Materials and BILDCO plunged by 9.49% and 8.64%, respectively. Both stocks saw a temporary halt on trading for exceeded the five percent limit.
Worth noting, the investment sector topped gainers, adding four percent supported by gains by Al Waha Capital, which also rose by four percent.
Translated by: Julian Nabil
Photo Credit: Arabianeye-Reuters
Source:
Mubasher Exclusive
