ADX sheds 46 pts, market cap losses AED 4.8bn Thursday

ADX sheds 46 pts, market cap losses AED 4.8bn Thursday
The real estate sector plunged 0.88%

By: Bedour El Raie

Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange’s (ADX) general index lost 46.76 points, or 0.93%, to close at 4967.77 points on Thursday, weighed down by tumbling US stocks.

Market capitalisation suffered its largest losses in a month, shedding  AED 4.85 billion, to close the last session of the week atAED 492.664.

The ADX’s trading volume reached 42.75 shares exchanged at a turnover of AED 176.720 million.

The telecommunication sector and its only stock, Etisalat, fell 0.96%.

The real estate sector plunged 0.88% after Aldar Properties dropped 1.16%.

The energy sector shed 0.45% after the stocks of ADNOC Distribution and Abu Dhabi National Energy Co’s “TAQA” shed 1.29% and 0.88%, respectively.

The insurance sector was the only riser, registering a 0.01% increase, boosted Methaq, which rose 0.26%.

The consumer staples sector shed 2.82% after Agthia fell 3.75%.

The ADX as well as the regional peers have been badly affected by the sharp losses of the US stock markets on Wednesday, the largest in eight months, Iyad Al-Bareeqy, CEO of Al Ansari Financial Services, told Mubasher on Thursday.

Al-Bareeqy cited the World Bank president’s remarks on Wednesday, where he expected a major economic slowdown over the current trade war, which will, in turn, take its toll on the local and regional stock markets amid the declining oil prices in Europe.

 

Translated by: Dunya Hassanin