By Bedour El Raie:
Abu Dhabi-Mubasher: The Abu Dhabi Securities Exchange (ADX) benchmark continued its winning run for the third successive session, fueled by optimism about a rebound in crude prices.
The benchmark index ADI shut Sunday’s trading 3.47% or 151.46 points higher at 4516.65 points.
UAE energy minister Suhail Mohamed Al Mazrouei said Organisation of the Petroleum Countries (Opec)'s decision not to cut production was correct and the oil markets will recover soon.
He was speaking at the 10th Arab energy conference in Abu Dhabi on Sunday. He added that drop in oil prices will have a definite impact and will create pressure in the Arab region, according to Gulf News.
Tarek Al Eissawy, capital market analyst, said the UAE markets regained some of lost confidence for traders after a slump that continued for nine successive sessions.
Trading activity gain momentum compared with Thursday, as turnover accelerated to its highest level in 112 sessions.
Sunday’s traded volume amounted to 469 million shares, compared with 297.8 million shares. Turnover rose to AED 762 million from AED 675 million.
According to the analyst, the market rise is a historical event but may trigger rapid profit taking due to the current rise for two successive days during which the index trimmed nearly half of the market losses.
The real estate sector was the top active with 56% of turnover, or AED 428.5 million, after Eshraq accounted for more than half the sector’s liquidity. Aldar Properties also controlled 45.6% of the sector’s liquidity.
The sector jumped 12.30%, backed by Aldar (+13.04%), RAK Properties (+12.12%) and Eshraq (+6.9%).
The market gains were buoyed by the energy sector (+3.90%) that was propelled by Dana Gas (+8.7%), while Taqa fell by 4.82% to pare the sector’s gains.
The market rise was spurred by the stability of oil prices at $54 per barrel and its rebound to $57 per barrel. Furthermore, global stock markets moved higher and GCC bourses traced the uptrend, the analyst said.
The banks sector gained 3.23% backed by ADCB (+8.7%) and NBAD (+8.42%). The services sector trimmed some of the market gains, sliding 2.27% hurt by Julphar (-6.02%).
Translated by Sayed Abdel Rahman
Photo Credit: Arabianeye-Reuters
Abu Dhabi-Mubasher: The Abu Dhabi Securities Exchange (ADX) benchmark continued its winning run for the third successive session, fueled by optimism about a rebound in crude prices.
The benchmark index ADI shut Sunday’s trading 3.47% or 151.46 points higher at 4516.65 points.
UAE energy minister Suhail Mohamed Al Mazrouei said Organisation of the Petroleum Countries (Opec)'s decision not to cut production was correct and the oil markets will recover soon.
He was speaking at the 10th Arab energy conference in Abu Dhabi on Sunday. He added that drop in oil prices will have a definite impact and will create pressure in the Arab region, according to Gulf News.
Tarek Al Eissawy, capital market analyst, said the UAE markets regained some of lost confidence for traders after a slump that continued for nine successive sessions.
Trading activity gain momentum compared with Thursday, as turnover accelerated to its highest level in 112 sessions.
Sunday’s traded volume amounted to 469 million shares, compared with 297.8 million shares. Turnover rose to AED 762 million from AED 675 million.
According to the analyst, the market rise is a historical event but may trigger rapid profit taking due to the current rise for two successive days during which the index trimmed nearly half of the market losses.
The real estate sector was the top active with 56% of turnover, or AED 428.5 million, after Eshraq accounted for more than half the sector’s liquidity. Aldar Properties also controlled 45.6% of the sector’s liquidity.
The sector jumped 12.30%, backed by Aldar (+13.04%), RAK Properties (+12.12%) and Eshraq (+6.9%).
The market gains were buoyed by the energy sector (+3.90%) that was propelled by Dana Gas (+8.7%), while Taqa fell by 4.82% to pare the sector’s gains.
The market rise was spurred by the stability of oil prices at $54 per barrel and its rebound to $57 per barrel. Furthermore, global stock markets moved higher and GCC bourses traced the uptrend, the analyst said.
The banks sector gained 3.23% backed by ADCB (+8.7%) and NBAD (+8.42%). The services sector trimmed some of the market gains, sliding 2.27% hurt by Julphar (-6.02%).
Translated by Sayed Abdel Rahman
Photo Credit: Arabianeye-Reuters
Source:
Mubasher Exclusive
