Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) closed the week ended Thursday, 14 February 2019 on a low note, dragged lower by the energy, banks, and telecommunications sectors.

The ADX’s general index sank 1.48%, losing 75.73 points, to close at 5,036.41 points.

The energy sector dropped 3.71% after Dana Gas retreated 7.75%, while the banks sector decreased 1.79% after First Abu Dhabi Bank (FAB) fell 2.49%.

Moreover, the telecommunications sector and its sole stock Etisalat decreased 0.94%. The investment sector was the biggest loser, having plunged 9.33% during the week.

On the other hand, the energy sector led gainers with 4.52% after Aldar Properties jumped 6.45% on the back of strong financial results for 2018, while the insurance sector added 0.38%.

Over the course of the week, turnover amounted to AED 988.541 million after 256.302 million shares were exchanged.

The ADX’s market capitalisation closed the week ended Thursday, 14 February 2019 at AED 506.922 billion.

Commenting on the UAE bourses’ weekly performance, vice president of investment research at KAMCO Raed Diab said that the general investment atmosphere was positive and was likely to continue on the short term.

Investors are seizing opportunities across the UAE’s twin bourses after several stocks fell to attractively-low price levels amid general stability in global markets and oil prices, Diab told Mubasher.

From a technical perspective, Diab said that the ADX needed to close above 5,170 points in order to initiate a new rising trend line and target resistance at 5,255 points. However, a fall below the level of 5,000 points would prompt a new technical correction and a decline towards 4,915 points.