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ADX falls in Q3 on banks sector

ADX falls in Q3 on banks sector
The market’s trading value reached AED 8.6 billion in the three months (Photo Credit: Arabianeye-Reuters)

By: Bedour Elra'ee

Abu Dhabi – Mubasher: The trading of Abu Dhabi Securities Exchange (ADX) was negatively affected in the third quarter by the banks, real estate, energy and telecom sectors.

ADX’s benchmark index fell 0.47% during Q3 to reach 4,476.32 points.

The market’s trading value reached AED 8.6 billion in the three months, as 3.95 billion shares were traded . August was the most active month in which 1.422 billion shares were exchanged with a value of AED 3.20 billion.

The banks sector levelled down 2.9%, dragged by First Gulf Bank and National Bank of Abu Dhabi which dropped 6.35% and 4.97% respectively.

The consumer goods sector led the decliners with a 15% fall, affected by Agthia Group which lost 18.7%.

The industrial sector retreated 6.7%, in line with the 9.38% fall of RAK Ceramics.

On a monthly level, the main index went up 0.12% with 1.25 billion shares traded at a value of AED 2.5 billion. 

During the first nine months of 2016, the benchmark index of ADX gained 4% or 169 points.

ADX will see speculative performance in October which is expected to remain unchanged in terms of trading activity, capital market analyst Waddah Al-Taha said.

The analyst called for postponing any IPOs to 2017, worrying over being affected by low liquidity.

Translated by: Ingy ElSafy