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ADX resumes fall on real estate, energy sectors

ADX resumes fall on real estate, energy sectors
Photo Credit: Arabianeye-Reuters

Abu Dhabi-Mubasher:  The Abu Dhabi Securities Exchange (ADX) declined in Monday’s early trades, pressured by a drop in the real estate, energy and banks sectors.

The index lost 0.21% or 9.71 points to 4,584 points. In addition, trading volume reached 32 million shares, at a turnover of AED 59 million, traded through 493 transactions.

The energy sector dropped 2.4% as Abu Dhabi National Energy Co lost 2.47%.

The banking sector also fell 0.20% as National Bank of Umm Al Qaiwain and Abu Dhabi Islamic Bank declined 9.75% and 0.2%, respectively, ignoring the rise of Abu Dhabi Commercial Bank by 0.52%.

The real estate sector inched down 0.22%, pressured by Aldar Properties which lost 0.20%, shrugging off the increase of RAK Properties by 1.35%

The telecom sector trimmed the losses of the ADX as it rose by 0.81%, backed by Etisalat, which gained 0.81%.

Markets need to build new factors to boost investor confidence by focusing on companies’ performance in the first and second quarters of this year, analysts told Mubasher.