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ADX fails to rise on Wednesday

ADX fails to rise on Wednesday
The investment sector levelled down 1.02%

By: Bedour Al Raee

Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange’s (ADX) general index lost 11.35 points, or 0.25%, to close Wednesday's trading session at 4,550.29 points.

The bank’s sector shed 0.88%, as First Abu Dhabi Bank (FAB) sank 1.24%, while the real estate sector went down 0.8%, as Aldar Properties fell 0.98%.

The energy sector declined 0.45% after Dana Gas decreased by 0.93% and Adnoc Distribution went down 0.85.

The investment sector levelled down 1.02%, as Waha Capital shed 1.11%.

On the other hand, the telecommunication sector and its only stock, Etisalat, rose 1.25% each.

The UAE markets have faced unnecessary declines, which dragged down stock prices, especially blue chips, technical analyst Gamal Agag told Mubasher.

These declined can be traced back to direct and indirect reasons; the direct reasons include the increase of Dubai Islamic Bank’s (DIB) shares and investors hurried trading, Agag added.

Meanwhile, the indirect reasons are low morale and the trade war between the world's two largest economies ـــــ the US and China, the analyst said.

 

Translated by: Muhammad Khalid