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ADX up on banks after one hour of trading

ADX up on banks after one hour of trading
Photo Credit: Arabianeye-Reuters

 

Abu Dhabi - Mubasher: The Abu Dhabi Securities Exchange’s (ADX) general index succeeded in making up for some of the losses it incurred over the previous two sessions after one hour of trading on Wednesday. Backed by the banking and telecom sectors, the index surged 36.32 points 0.83% at 11 am UAE time, reaching 4549.11 points.

Around 13.84 million shares were exchanged during the hour through 250 transactions at a turnover of AED 48.88 million.

Backed by five stocks, the banking sector grew 1.26%, as Union National Bank (UNB), the National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB) gained 2.41%, 1.89% and 1.79%, respectively.

The telecom sector and its stock Etisalat added 0.4%. Ranking second highest gainer, the industrial sector rose 0.49% as RAK Ceramics increased 1.39%.

On the other hand, the real estate sector’s losses cut the index’s gains, after the sector retreated 0.46%, pressured by Aldar Properties which lost 0.8%.

Market-maker NBAD was the most active in terms of turnover, reaching AED 17.69 million, while Eshraq was the most active in terms of traded volume.

The ADX ended the week’s mid-session in the red, its second successive decline as five sectors retreated. The real estate sector’s gains were not effective.

A lack in liquidity and the absence of institutional investments continue to control UAE market performance amid the absence of catalysts and as investors ignore companies’ financials and dividend distributions, an analyst told Mubasher.