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ADX see highest weekly gains in 10M

ADX see highest weekly gains in 10M
Turnover increased to AED 810.09 million this week (Photo Credit: Arabianeye-Reuters)

By: Bedour Alraei

Abu Dhabi-Mubasher: The Abu Dhabi Securities Exchange (ADX) witnessed biggest gains in ten months this week amid a rise in trading volume.

The general index climbed 4.11% or 1.88 points to reach 4,499.73 points.

Turnover increased to AED 810.09 million this week, compared to AED 394.198 million last week. Likewise, trading volume grew to 226.848 million shares, compared to 143.487 million shares.

The banks sector rose 7.23%, backed by National Bank of Abu Dhabi (NBAD) and First Gulf Bank which advanced 20% and 5.96% respectively as both lenders confirmed talks over a possible merger.

Most of trading activity was concentrated in selective stocks in the banks sector after the merger news, according to Wadah Al Taha, a member of the UAE National Advisory Board for the Chartered Institute for Securities & Investments (CISI).

The UAE markets are witnessing accumulation of selective stocks, Al Taha noted.

The energy sector went up 2.53% as TAQA and Dana Gas added 1.85% each.

The telecom sector increased 1.07% due to a rise in Etisalat by 1.07%. The real estate sector recovered 0.54% after Aldar Properties leveled up 0.74%.

Translated by: Julian Nabil