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Abu Dhabi shares down in a week

Abu Dhabi shares down in a week
Photo Credit: Arabianeye-Reuters

By Bedour El Raie

Abu Dhabi-Mubasher: The Abu Dhabi Securities Exchange (ADX) was on a down note during the first week in March, as it was weighed by real estate, bank and energy stocks.

The benchmark index fell 2.11% or 100 points to close at 4587.18 points.

The energy sector was the biggest loser due to the fall of Dana Gas by 4.3%. The real estate sector went down 3.83% hurt by Eshraq (-1.2%) and RAK Properties (-3.9%).

The banks sector deepened the market slide, with a fall by 3.4% weighed by NBAD (-0.37%), FGB (-0.34%) and ADIB (-2.5%).

The UAE equity markets are currently seeing investor caution, amid foggy outlook and lack of catalysts, according to analysts.

Many investors are not finding real opportunities in the UAE stock markets currently, given such fluctuations and unstable performance, said Reda Mousallem, co-manager, Tharwat Economic Consultancy.

He expected the local equity markets to continue their fluctuation till March-end, in search of new catalysts that would spur trading.

Ehab Rashad, CEO, Mubasher for Securities, attributed the recent jittery performance in UAE markets to volatility in global markets and oil prices.

Translated by Sayed Abdel Rahman