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Aldar, NBAD trim ADX weekly losses in final session

Aldar, NBAD trim ADX weekly losses in final session
Photo Credit: Arabianeye-Reuters

 

By: Bedour El-Raie

Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) continued its negative performance for the third week in a row, although its losses were significantly reduced on Thursday on the back of real estate gains.

Trading notably increased to AED 1.515 billion against AED 1 billion last week, while traded volume almost doubled to 840.77 million shares against 491.73 million the week before.

Market capitalisation grew AED 5.27 billion ($1.44 billion) during the week to AED 417.66 billion compared to AED 422.93 billion ($115.111 billion) according to statistics by Mubasher.info.

The real estate sector fell 3% as Eshraq lost 2.99%, whereas Aldar Properties grew 2.67%.

Moussa Haddad, investment fund manager in the National Bank of Abu Dhabi’s (NBAD) asset management group, noted that the market decline at present represents investment opportunities for large portfolio and fund investors and others to rebuild financial positions at the new low price levels.

Long-term investors should not be concerned or fearful as opposed to speculators, Haddad told Mubasher, adding that these new prices offer excellent opportunities to collect stocks for top companies. He said he expects a strong surge in stocks similar to the recent decline.

Meanwhile, Waddah Al-Taha, chief investment officer (CIO) at Zarooni Group, told Mubasher that markets are in need of calm period following the recent sharp declines. He called on banks, brokerage firms and other lenders to halt the over-lending of investors who want to margin trade.

The banking sector shed 0.55% as First Gulf Bank (FGB) and Abu Dhabi Islamic Bank (ADIB) dropped 1.05% and 3.54%, respectively, whereas the National Bank of Abu Dhabi (NBAD) and Abu Dhabi Commercial Bank (ADCB) trimmed losses and added 4.04% and 0.13%, respectively.

 

Translated by: Nada Adel Sobhi