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ADX closes near support levels – Analyst

ADX closes near support levels – Analyst
Photo Credit: Arabianeye-Reuters

 

By: Bedour Al Raie

Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) ended Thursday, that last trading session of the week and the month, in the red amid a semi-collective decline of all its sectors, led by the real estate sector.

The ADI saw its lowest closing in ten sessions, falling below the level of 4500 points to 4456.82 points, after losing 59.30 points or 1.31%.

Capital market analyst Tarek Essawy noted that today’s closings were acceptable and within normal range, provided that the DFM closes above 3650. The ADX, however, failed to cling to the 4500-point level, he added.

The real estate sector dropped 3.11% as Aldar Properties fell 3.27% to AED 2.37, while RAK Properties and Eshraq lost 4% and 1.32%, respectively. The banking sector also contributed to the ADI’s decline, falling 1.33% as the National Bank of Abu Dhabi (NBAD), Abu Dhabi Commercial Bank (ADCB) and First Gulf Bank (FGB) dropped 5.51%, 1.56% and 0.87%, respectively.

The energy sector also retreated by 1.42% after Dana Gas fell 2.13% on the backdrop of falling oil prices, as mixed Brent traded at $48.50.

It is expected that stocks will continue trading at these levels until the announcement of companies’ financials is over, Essawy told Mubasher, adding that proof of this is that most stocks are near their support levels.

Trading saw some relative fluctuation today compared to Wednesday’ session after 77 million shares were traded through 2461 transactions at a turnover of AED 335.933 million against 78.6 million at a turnover of AED 219.10 million.

The banking sector topped today’s trades with a turnover of AED 224.182 million, with First Gulf Bank (FGB) accounting for most of the turnover. FGB saw trading worth AED 141.736 million, representing 63.2% of the sector’s total trades.

 

Translated by: Nada Adel Sobhi