By: Mahmoud Gamal

Abu Dhabi-Mubasher: Abu Dhabi Securities Exchange (ADX) saw higher losses on Wednesday, amid selling pressures especially on the energy and telecom sectors. 

The general index declined 0.32% or 13.96 points to reach 4,311.27 points.

The energy sector retreated 1.48% due to a decline in Dana Gas.

The telecom sector slid 0.8%, pressured by the fall of the real estate sector

Abu Dhabi market’s losses were mainly attributed to a decline in most leading sectors, capital market analyst Nawaf Al-Ajmi said.

Investors tended to build positions in mid caps and blue chips, especially in the banks and investment sectors, Al-Ajmi added.

The investment sector was the top gainer after adding 1.4%, backed by the rise of Waha Capital.

The banks sector grew 0.06% as National Bank of Abu Dhabi (NBAD) advanced 0.9%.

Trading volume reached 40.28 million shares on Wednesday, compared to 52.8 million shares on Thursday.

Turnover amounted to AED 85.8 million, compared to AED 103.3 million.

The market is likely to continue its fluctuations, Al-Ajmi said, adding that stability of the index above 4,300 points will reduce selling pressures.

Translated by: Julian Nabil