By Thabit Shehata

Abu Dhabi-Mubasher: Abu Dhabi Securities Exchange (ADX) extended its downtrend for the fourth consecutive week, hit by the banking, telecom and real estate sectors amid weak liquidity.

The index retreated 1.86% or 83 points to 4,378.14 points, compared with 4,461.09 pts a weak earlier.

Financial analyst Wadah Al-Taha said the UAE stock markets are still showing instable performance on external factors such as oil prices.

Turnover dropped by 33% to AED 1.02 billion, compared with AED 1.53 billion a week earlier.

Trading volume fell by 25.56% from 856.48 million shares to 637.6 billion shares.

Al-Taha said the UAE stock markets are hurt by thin liquidity amid volatile oil prices and weak global economies.

The telecom sector fell by 1.56%, as Etisalat shed by the same percentage to AED 12.70.

The real estate sector dipped 1.63%, hit by Aldar which plunged 15% to AED 2.28.

The banking sector retreated 2.16% on First Gulf Bank which slipped 10.56% to AED 13.85.

"We can't rely on the third-quarter corporate financials, as they are likely to be weak especially those of the real estate companies," the analyst said.

Translated by Abdul Maguid Aboshahla