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ADX shrugs energy drop, sees 6-week high

ADX shrugs energy drop, sees 6-week high
Photo Credit: Arabianeye-Reuters

By: Bedour Al-Raie

Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) succeeded in closing in the green on Monday, backed by the real estate, banking and investments sectors. The index shrugged off the energy sector’s decline after the session’s earlier gains.

The index surged 61.05 points or 1.40% to 4,431.35 points, its highest level in 12 sessions, regaining the level of 4,400 points.

Traded volume was weak today compared to Sunday, especially on the Dubai Financial Market (DFM) as opposed to the ADX, where volume increased, market analyst Waddah Taha told Mubasher.

Most of the companies facing profit declines or losses are those which have not yet announced their financials, the analyst noted, adding that Eshraq’s tardiness in announcing its financials is worrisome.

The deadline set by the Securities and Commodities Authority (SCA) for companies to announce their annual financials ends Tuesday.

The banking sector rose 2.04% as the National Bank of Abu Dhabi (NBAD) led the gainers, rising by 5%, and First Gulf Bank (FGB) increased 2.47%.

The telecom sector and its stock Etisalat added 0.8%.

The real estate sector increased 0.63%, backed by Aldar Properties and Manazel, which gained 1.28% and 3.13%, respectively. On the other hand, Eshraq and RAK Properties cut the sector’s rise after falling 2.94% and 1.56%, respectively.

The consumer staples sector retreated 1.81% as Agthia lost 2.10%.

The energy sector dropped 0.45%, despite earlier gains, as TAQA fell 1.18% on the backdrop of falling oil prices in Monday’s early trades as Iran and global powers seek to reach a nuclear agreement.

Turnover increased on Monday compared to Sunday, whereas traded volume declined compared to the previous session. Turnover today reached AED 218.858 million shares as 68.63 million shares were exchanged against AED 165.08 million on Sunday after 70.27 million shares were traded.

The banking sector recorded the highest turnover on the ADX, reaching AED 104 million, backed by FGB whose turnover reached AED 74.6 million and made up 72% of the sector’s liquidity.

Translated by: Nada Adel Sobhi