By: Hanan Mohamed
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) succeeded in staying in the green for the second successive session amid collective gains in all its sectors, supported by holding oil prices and rising global markets.
The market’s general index surged by 6.70%, adding 274.20 points to 4365.16 points after 297.755 million shares were traded through 5129 transactions, at a turnover of AED 672 million.
The ADX had ended Wednesday at a 5.11% rise. Thus, the market’s combined gains on Wednesday and Thursday reached 11.8%.
Commenting on the market’s performance, Trading Manager at Al Ansar Securities Iyad Al Bareeqy told Mubasher, that rising oil prices added to some gains in Gulf markets on Wednesday have restored some investor confidence in the markets.
The index saw gains of 3.38% or 138.46 points, rising to 4229 points, during the first few minutes of trading today, after 38.175 million shares were traded through 530 transactions at a turnover of AED 46.28 million.
The rise in oil prices added to some gains on several Gulf stock exchanges yesterday has restored some investor confidence, prompting them to buy stocks.
Stock prices are still low, making them attractive to buy, Al Bareeqy highlighted in his statement to Mubasher, indicating stocks such as Emaar Properties, which had fallen from AED 10 to AED 6.78.
The real estate sector topped gainers, surging by 14.83%, supported by Aldar Properties, Eshraq Properties, RAK Properties and Manazel, which leaped by 15%, 14.29%, 13.79% and 10.53%, respectively.
The energy sector followed with 10.74% in gains, supported by Dana Gas and TAQA, which leaped 15% and 3.75%, respectively.
The main and most important incentives that supported the market on Thursday were the stable oil prices and the rise in the Saudi market, Aldar Securities General Manager Kefah Moharama told Mubasher, adding that the previous declines had brought stocks to highly attractive levels, prompting positivity.
The investment sector gained 8.55%, supported by Al Waha Capital, which rose by a similar percentage.
The telecom and services sectors gained 2.36% and 0.90%, respectively, supported by gains on Etisalat, Abu Dhabi Aviation and Abu Dhabi National Hotels (ADNH), which rose by 2.36%, 6.90% and 6.06%, respectively.
Ehab Rashad, CEO of MubasherTrade – Egypt, stated that the strong gains seen on UAE markets on Thursday come as a normal reaction to the previous declines.
Oil prices holding well in this recent period has helped market rebound, Rashad told Mubasher in a statement, adding that he expects this strong leap to continue next week.
Meanwhile, Moharama said that it will be hard to predict what will happen with this strong rebound in UAE markets as it will be greatly linked to the movement of oil prices.
Translated by: Nada Adel Sobhi
Photo Credit: Arabianeye-Reuters
