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ADX hovers over 5,000 pts Tuesday

ADX hovers over 5,000 pts Tuesday
The real estate sector gained 2.44%

By: Bedour Al Ra'ee

Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange’s (ADX) general index rose 0.63% or 31.35 points to close at 5,003.63 points on Tuesday, boosted by the banks, energy and telecommunication sectors.

The trading volume reached 40 million shares exchanged at a turnover of AED 129.030 million.

The real estate sector gained 2.44% after Aldar Properties and RAK Properties added 2.89% and 1.93%, respectively.

The banks sector edged up 0.95% after the First Abu Dhabi Bank (FAB) jumped 1.41%, while Abu Dhabi Commercial Bank (ADCB) dropped 0.87%.

The energy sector levelled up 0.21%, supported by ADNOC Distribution, which rose 0.85%.

On the other hand, the consumer staples sector declined 0.68% after International Holdings fell 3.36%.

The telecommunication sector and its sole stock, Etisalat, shed 0.46%, each.

Raed Diab, vice president of investment research at KAMCO, told Mubasher that the ADX is still stable thanks to the third-quarter earnings and the newly-introduced government incentives.

Diab added that the turmoil in global oil markets has taken its toll on the performance of the market; however, the benchmark is still moving in the positive territory.

He stressed the importance of breaking the current resistance level of 5,040 points.

Translated by: Dunya Hassanin