By: Mahmoud Gamal

Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) witnessed gains in the week ended 8 December, amid build-up of new positions by portfolio investors.

The main index rose 4.84% or 208.38 points to reach 4,517.15 points.

Turnover stood at AED 1.19 billion this week, compared to AED 722.12 million last week. Trading volume reached 579.6 million shares, compared to 414.83 million shares.

The UAE bourses’ weekly gains were mainly attributed to oil prices on the back of OPEC’s agreement to reduce oil production, capital market analyst Mahmoud Ziad told Mubasher.

Foreign traders invested in blue chips, especially in the banks sector, following the news that that First Gulf Bank (FGB) and Abu Dhabi National Bank of Abu Dhabi’s (NBAD) shareholders approved the merger between both entities.

The real estate sector rose 7.79% as Aldar Properties went up 8.87%. The banks sector also levelled up 8.49% as First Gulf Bank (FGB) and National Bank of Abu Dhabi (NBAD) grew 12.07% and 6.9% respectively.

The energy sector gained 2.64% after Dana Gas climbed 1.82%.

On the other hand, the telecom sector fell 1.34% as Etisalat decreased 1.34%.

Traders should not increase their positions if the main index stabilises above 4,500 points.

The UAE stock markets will be closed on Sunday, 12 December, on the occasion of Prophet Mohammed’s birthday.

Translated by: Julian Nabil