Abu Dhabi- Mubasher: Abu Dhabi Securities Exchange (ADX) shut Monday’s session in the negative territory, snapping three-day winning streak and moving below the 4500 barrier.
Weighed by profit taking, the benchmark index ADI lost 0.85% or 38.17 points to end at 4478.48 points.
Monday’s traded volume amounted to 308.8 million shares that were exchanged in 4031 transactions at AED 488.19 million.
Ziad Dabbas, technical analyst, said the market will likely continue its positive performance but at a slower pace because some speculators may book gains from the recent surge.
The market jumped on Sunday by 3.47% or 151.46 points to reach 4516.65 points.
The banks sector led the way down with a loss by 1.99%, as it was weighed by ADCB (-5.33%), FGB (-2.94%), UAB (-1.21%) and NBAD (-0.37%).
Reda Messalem, co-manager, Truth Consulting, said the UAE bourses may see profit taking over the coming period in light of the huge gains recorded in the last two sessions.
Tracking stock performance, Waha Capital fell by 1.03%, thus dragging the investments and financial services sector that fell by the same percentage.
The telecommunications sector widened its losses (-0.45%) as it was hurt by Etisalat (-0.45%).
The energy sector sagged 0.41% after Taqa went down 1.27%.
The real estate sector advanced 4.30% fueled by Aldar (+5%) and RAK Properties (+2.70%).
Translated by Sayed Abdel Rahman
Photo Credit: Arabianeye-Reuters