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ADX closes Tuesday down but holds on to previous gains

ADX closes Tuesday down but holds on to previous gains
ADX closes Tuesday down but holds on to previous gains

By: Enas Bahgat

Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) closed Tuesday’s session in the red, shedding 0.18% or 8.50 points to close at 4,738.59 points.

The ADX was able to maintain most of its gains achieved over the past three weeks, which were backed by local and foreign institutional investments, Raed Diab, head of investment research at KAMCO, told Mubasher.

The real estate sector led fallers, losing 1.03% after Aldar Properties declined 1.44%, while the telecommunications sector and its stock Etisalat fell 0.86% each.

The consumer staples sector decreased 0.44% after International Holdings Co. (ASMAK) dropped 2.31%.

On the positive side, the energy sector grew 0.43% after Dana Gas added 0.95%.

Turnover amounted to AED 114.82 million after 30.89 million shares changed hands against AED 98.62 million and 22.75 million traded shares on Monday.

The banks sector edged up 0.12% after United Arab Bank (UAB) surged 14.85%, while the National Bank of Ras Al Khaimah and Abu Dhabi Islamic Bank (ADIB) added 1.21% and 0.26%.

From a technical perspective, the ADX is nearing a weekly peak at 4,745 points, Diab told Mubasher, noting that a close above this level would prompt a jump towards 4,900 and 5,000 points.

The ADX’s support is currently at 4,670 and 4,620 points, the analyst said, adding that a fall below 4,495 points would result in further losses.

 

Translated by: Nada Adel Sobhi