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ADX falls to lowest level in 1M

ADX falls to lowest level in 1M
Traders at Abu Dhabi's bourse

By: Bedour Al Raei

Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) saw a negative performance on Monday, pressured by the fall of energy and real estate sectors.

The general index went down 0.45% or 20.14 points to reach 4,480.58 points, its lowest level in a month.

The market surprised traders after breaking important levels, Jamal Ajaj, director of Al Sharhan Shares Centre in Abu Dhabi, told Mubasher.

Some stocks reached low-priced levels, like GFH Financial Group, despite its positive results.

The ADX broke below the 4,500-point level due to the decline of blue chips like Etisalat and First Abu Dhabi Bank, Ajaj added.

Trading volume reached 84.07 million shares on Monday, compared to 89.95 million shares on Sunday. Turnover amounted to AED 160.68 million, compared to AED 103.52 million.

The fall of some important stocks like Emaar, Dubai Islamic Bank (DIB), and Damac Properties was unjustified, Ajaj said.

Companies’ second-quarter results generally had a positive impact on investors’ sentiment, Ajaj noted.

The energy sector slid 4.92% as TAQA and Dana Gas retreated 5.26% and 4.84%, respectively.

The real estate sector levelled down 2.09% after Eshraq Properties and Aldar Properties sank 10% and 0.85%, respectively.

First Abu Dhabi Bank was the value leader after generating AED 57.64 million, while Dana Gas was the most active stock with a trading volume of 20.61 million shares.

The banks sector slid 0.31% as Abu Dhabi Islamic Bank (ADIB) and First Abu Dhabi Bank decreased 1.64% and 0.47%, respectively.

On the flipside, the services sector topped gainers with a 1.75% rise as National Marine Dredging Co (NMDC) added 9.92%.

Translated by: Julian Nabil