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ADX resumes rise led by real estate sector

ADX resumes rise led by real estate sector
Watania
WATANIA
-1.00% 0.89 -0.01
NBQ
NBQ
0.00% 1.95 0.00
NMDC
NMDC
-0.07% 26.70 -0.02

RAPCO Investment
RAPCO
-1.18% 1.68 -0.02
The Abu Dhabi Securities Exchange (ADX) commenced the week in the green after closing at a rise by 0.53% or 25.40 pts to 4793.55 pts.

Turnover was seen at AED 279.73 million as 86 million shares were traded through the execution of 2894 transactions.

Market performance was mixed as the consumer staples led falling sectors, shedding 2.73%, followed by the industrial sector, which lost 1.97%. The insurance sector inched down by 0.03%.

On the other hand, the investment and real estate sectors led gainers, adding 4.25% and 4.13%, respectively.

A total of 30 companies traded today, of which 19 were in the green, 8 were in the red and 3 remained unchanged.

National Marine Dredging Company (NMDC) topped gainers, surging by 14.93%, followed by the National Bank of Umm Qawain with 14.33%. On the other hand, the National Takaful Co. (WATANIA) led decliners, falling 9.73%, followed closely by Ras Al Khaimah Poultry and Feeding (RAPCO) by 9.68%.

Commenting on the ADX’s performance today, capital market expert Tarek Esawy noted that the markets have witnessed gradual improvement today, as the Dubai Financial Market (DFM) surged by 3.49% and the ADX gained 0.53%, owing to improved performance in international markets on Thursday and Friday.

Moreover, increased oil prices above the level of $82 have also positively affected our markets, Essawy said in a statement to Mubasher, adding that the rebound witnessed has brought the local markets to record support levels of 4230 pts for DFM.

The DFM is expected to rebound to the levels of 4630 pts with resistance to be seen at 4540 pts. The ADX is also expected to rebound to the support level of 4860 pts, he added, concluding that markets are expected to continue their upward trend as companies begin to announce the their third quarter financials.