By: Mahmoud Gamal

Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) saw a bullish performance for the fifth session in row on Monday, spurred by the rise of banks and telecom blue chips.

The main index rose 1.14% or 51.61 points to reach 4,575.61 points.

Positive outlook for first-half financials and news related to new initial public offerings (IPOs) led investors to build up new positions in blue chips, pushing the bourse to close higher, according to capital market analyst Hareb Omar.

The bourse is expected to rise on Thursday and approach 4,600 points, Omar added.

The banks sector topped gainers with a 1.69% rise as Sharjah Islamic Bank, First Abu Dhabi Bank, and Abu Dhabi Commercial Bank (ADCB) gained 2.94%, 2.84%, and 0.42%, respectively.

The telecom sector gained 0.82% after Etisalat went up 0.82%. The real estate sector advanced 0.42% as Aldar Properties added 0.21%.

Turnover amounted to AED 159.57 million on Monday, compared to AED 404.40 million on Sunday. Trading volume reached 74.48 million shares, compared to 99.16 million shares.

Dana Gas was the most active stock after trading 26.1 million shares, while First Abu Dhabi Bank was the value leader with a turnover of AED 43.3 million.

Translated by: Julian Nabil