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ADX falls on banks, telecom; real estate up

ADX falls on banks, telecom; real estate up
Photo Credit: Arabianeye-Reuters

 

By: Bedour Al Raie

Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) closed at a decline on Wednesday, following pressures from the telecom and banking sectors. The real estate sector’s gains failed to boost market since the start of the session.

The index fell 0.13% or 6.31 points to 4669.31 points.

Reda Muslim, managing partner at Truth Economic Consultants, commented that UAE markets are enduring a state of anticipation, which is clear in the declining liquidity levels.

Most investors do not see good opportunities in the markets amid the current fluctuations and lack of clarity, which are keeping investors at bay, he told Mubasher exclusively.

The telecom sector led fallers, losing 0.41% as Etisalat declined similarly.

The banking sector lost 0.37% as the National Bank of Abu Dhabi (NBAD), First Gulf Bank (FGB) and Abu Dhabi Commercial Bank (ADCB) fell 1.47%, 0.56% and 0.65%, respectively.

Most of the cash dividends distributed lately have been used to cover financial positions for some investors, Muslim noted, adding that this is the reason why these dividends have not been returned to the market.

The ADX index ignored gains on the real estate sector, which added 0.53% backed by Eshraq and RAK Properties, which rose by 3.75% and 1.37%, respectively. Aldar remained unchanged.

Around 71.092 million shares were traded at a turnover of AED 240.47 million through 1362 transactions against 71.33 million shares on Tuesday at a turnover of AED 307.74 million.

Backed by three banks, the banking sector ranked the most active sector in terms of turnover, which reached AED 148 million. FGB ranked most active stock with a trade value of AED 68.28 million.

Muslim told Mubasher he expects UAE market fluctuations to continue till the end of March until new elements emerge that can attract investors.

 

Translated by: Nada Adel Sobhi