Three sectors drag down ADX Wednesday

Three sectors drag down ADX Wednesday
The energy sector grew 1.43%

By: Bedour Al Raee

Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange’s (ADX) general index lost 58.19 points, or 1.17%, to close at 4,934.44 points on Wednesday, dragged down by the real estate, banks, and telecommunication sectors.

The ADX is still stable, supported by the latest decrees of the ruler of Abu Dhabi regarding the shareholding of Aldar Properties, along with the UAE cabinet’s decisions that incentivise the national economy, vice president of Investment Research at KAMCO Raed Diab told Mubasher.

On Wednesday, market capitalisation reached AED 489.807 billion.

The real estate sector went down 1.8%, as Eshraq Properties shed 1.2%, while the banks sector declined 1.51% after First Abu Dhabi Bank (FAB) sank 1.9% and Abu Dhabi Commercial Bank (ADCB) fell 1.38%.

The telecommunication sector and its only stock, Etisalat, levelled down 0.99% each.

On the other hand, the energy sector grew 1.43%, as Dana Gas rose 2.59%.

The ADX’s trading volume reached 120.5 million shares and the market’s liquidity amounted to AED 308.851 million.

The UAE markets will be closed on Thursday and will resume trading on Sunday.

 

Translated by: Muhammad Khalid

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Source: Mubasher Exclusive

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