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ADX surges 14 pts Tuesday on banks, real estate stocks

ADX surges 14 pts Tuesday on banks, real estate stocks
The banks sector rose 0.36%

By: Bedour Al Ra'ee

Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange’s (ADX) general index rose 0.28% or 14.10 points to close at 4970.30 points on Tuesday, boosted by the banks and real estate sectors.

The ADX’s trading volume dropped to 33.06 million shares worth 112.469 million versus 78.33 million shares worth 112.469 million on Monday.

The banks sector rose 0.36%, boosted by the First Abu Dhabi Bank (FAB), which rose 0.55%.

The real estate sector gained 0.25% after Aldar Properties levelled up 0.60%.

On the other hand, the energy sector was down 0.51% after ADNOC Distribution fell 2.22%.

FAB’s stock topped the ADX in terms of volume and value after 2.017 million shares were exchanged at AED 24.5 million in turnover.

Emirates Driving Co was the top gainer, registering a 14.86% increase, while International Holdings Company (Asmak) was the top loser, lagging 5.08%.

The banks’ third-quarter earnings statements gave a boost to the market, along with stable oil prices, KAMCO vice president of investment research, Raed Diab told Mubasher.

He added that fresh inflows are likely to be injected into the market notwithstanding minor fluctuation expected in the coming period.

Technically, the ADX’s general index remains above the support level at 4860 points; however, it is important to rise above the recently closing of 5040 points.

Translated by: Dunya Hassanin