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ADX suffers highest losses in 15 sessions Thursday

ADX suffers highest losses in 15 sessions Thursday
Traders at Abu Dhabi's bourse

By: Mahmoud Gamal

Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) saw a negative performance on Thursday, weighed down by the fall of energy and telecom stocks. 

The general index reached 4,516.84 points after decreasing 0.34% or 15.40 points, its highest losses in 15 sessions.

Trading volume reached 100.39 million shares on Thursday, compared to 27.75 million shares on Wednesday. Turnover amounted to AED 142.136 million, compared to AED 68.68 million.

The energy sector sank 3.44% as Dana Gas lost 4.65% and fell to its lowest level in 17 months.

The telecom sector went down 0.29% after Etisalat decreased 0.29%.

The real estate sector sank 0.23% as RAK Properties and Manazel Real Estate retreated 3.33% and 7.14%, respectively.

The banks sector lost 0.18% after Abu Dhabi Commercial Bank (ADCB) levelled down 0.41%.

The market has been seeing a bearish performance since the beginning of this month, weighed down by selling pressures, according to Eyad Al Bariqi, trading director of Al Ansari Financial Services.

The market saw weak sales due to the accumulation of some stocks, Al Bariqi noted, adding that the ADX suffered from weak liquidity on Thursday, Al Bariqi said.

Etisalat was the value leader after generating AED 24.9 million from the exchange of 14.33 million shares.

Translated by: Julian Nabil