By: Bedour El-Raie
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) rose 27.58 points or 0.62% on Wednesday, reaching 4,495.51 points and nearing its highest level since 10 March. The market is also attempting to the regain the level of 4,500 points once more.
Trade volume grew significantly, reaching 155.6 million shares at a turnover of AED 270.8 million against 70.55 million shares on Tuesday at a turnover of AE 219.134 million.
Wednesday’s session saw low liquidity, particularly on the Dubai Financial Market (DFM) as opposed to the ADX, said Fady Al-Ghattis, CEO of Think Financial Services.
UAE markets succeeded in performing positively and holding well despite a decline in global markets and oil prices, in addition to the Saudi market’s performance earlier today, Al-Ghattis told Mubasher.
Stock gains on both markets were due to a “gradual rise” after the market maintained several important support levels, boosting investor confidence, the analyst said.
The real estate sector was the most active in terms of turnover, reaching AED 92.3 million as Eshraq recorded AED 54.5 million. The sector grew 1.95%, backed by Eshraq and Aldar, which rose 3.33% and 2.11%, respectively.
The banking sector increased 0.6% as Abu Dhabi Commercial Bank (ADCB) and Abu Dhabi Islamic Bank (ADIB) added 2.94% and 2%, respectively. Commercial Bank International (CBI) soared 14.46% following the announcement of the ex-date of its dividend distributions.
On the other hand, the National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB) retreated 0.84% and 0.34%, respectively.
The telecom sector and its stock Etisalat rose 0.40% each.
Meanwhile, the energy sector dropped 3.23% as TAQA topped the losers following the announcement of its negative financials for 2014.
Maintaining levels at such low liquidity is positive, Al-Ghattis said. However, he noted that it’s hard to convince investors to keep their shares, particularly amid fluctuating geopolitical conditions, as traders build their decisions on expectations rather than companies’ directions and performances.
Translated by: Nada Adel Sobhi
