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ADX plunges to 2-month low on banks

ADX plunges to 2-month low on banks
Photo Credit: Arabianeye-Reuters

Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) ended Thursday at a plunge as the index fell below the level of 4,600 points, following banking sector declines.

The index retreated for the second session in a row and lost 1.83%, its highest decline since early January, dropping 85.42 points to 4,587.18 points, its lowest level in 24 sessions.

The banking sector dived 3.17% as five banks declined, led by the Investment Bank, which plummeted 10%, along with First Gulf Bank (FGB) and Union National Bank (UNB), which fell 6.13% and 0.66%, respectively. This follows Fitch’s affirmation of its ratings for four Abu Dhabi banks.

Around 93 million shares changed hands at a turnover of AED 334 million against 71 million shares at a turnover of AED 240.472 million on Wednesday.

The energy sector deepened Thursday’s declines, falling 1.51% as Dana Gas lost 2.22%. Moreover, the investment sector and its stock Waha Capital fell 2.01%. The banking sector was the most active in terms of turnover, reaching AED 123 million, backed by FGB and UNB, whose turnover reached AED 74.6 million and AED 26.11 million, respectively.

On the other hand, the telecom and real estate sectors rose 1.23% and 0.5%, respectively. The telecom sector came ranked third most active with a turnover of AED 44.6 million. In the real estate sector, Aldar added 0.8%, while Eshraq fell 1.2%. The consumer staples sector topped the gainers, rising 1.24% as Agthia added 1.47%.

RAK Ceramics, which rose by 2.57%, was the most active stock in terms of trade value, reaching AED 89.6 million. BILDCO gained 2.74%, bringing the industrial sector a 0.89% rise.