By Bedour El Raie

Abu Dhabi – Mubasher: Abu Dhabi Securities Exchange (ADX) saw this week its biggest losses in two months and a half, due to the decline in real estate and bank stocks.

The benchmark index ADI fell 2.88%, or 134.10 points, to end at 4516.56 points.

The weekly turnover rose to AED 1.188 billion, up from AED 1.034 billion a week earlier, an increase of 8.12%. Traded volume fell to 308.738 million shares from 392.959 million shares.

The real estate sector slipped 8.22% after Aldar, Eshraq and RAK Properties went down by 8.42%, 6.17% and 8.82% in a row.

The banks sector also lost 2.9% during the week, hurt by NBAD, ADCB and FGB that fell 5.86%, 4.75% and 3.3% respectively.

Meanwhile the energy sector rose 0.92% powered by Taqa that gained 2.82%. The investment sector rose 3.54% backed by Waha Capital. Meanwhile, telecoms sector shed 1.7%.

The banks sector came on top with turnover reaching AED 784.66 million, after ADCB and FGB accounted for AED 551 million and AED 137 million in a row.

Despite the actual buying activity seen on Thursday, there was a selling tendency by some portfolios, said Fadi Ghatis, CEO, THINK. He added that the UAE markets’ decline this week was triggered by fears about a new economic crisis in the EU and a fall in oil prices.

The analyst expects further pressures on equities next week, upon the resumption of trading on Amlak stock after being halted for more than seven years.

Translated by Sayed Abdel Rahman