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ADX opens weaker on real estate, telecom stocks

ADX opens weaker on real estate, telecom stocks
Photo Credit: Arabianeye-Reuters

Abu Dhabi-Mubasher: Abu Dhabi Securities Exchange (ADX) saw a negative performance in Sunday’s early trades, weighed by a decline in the real estate, telecom and banks sectors.

The general index declined 0.58% to reach 4,116.65 points by 11:00am UAE time.

The main gauge tends to fall to the respective levels of 4,000 and 3,949 points amid absence of internal catalysts and weakening global markets, said capital market analyst Hamoud al-Shammari.

Trading volume reached 55.93 million shares through 475 transactions, with turnover of AED 49.70 million.

The consumer staples sector fell 4.04% due to a 4.7% drop in Agthia Group.

The real estate sector levelled down 0.88% after Aldar Properties decreased 1.25%. The telecom sector slid 0.62% as Etisalat retreated 0.62%.

Lastly, the banks sector went down 0.58% after First Gulf Bank lost 0.43%.

Eshraq Properties was the value leader after generating AED 21.65 million through 37.17 million shares and 202 transactions. The company’s stock rose 3.5% to AED 0.59.