By: Mahmoud Gamal
Abu Dhabi-Mubasher: The Abu Dhabi Securities Exchange (ADX) reversed its early negative performance in Monday’s closing, backed by some stocks like First Gulf Bank (FGB) and Etisalat.
The main index rose 0.08% or 3.40 points to reach 4,515.41 points.
Abu Dhabi bourse’s gains were mainly driven by some catalysts like considering the possible launch of new index by the bourse in cooperation with FTSE Russel, in addition to higher oil prices, according to capital market analyst Hossam Eissa.
Trading volume reached 42.15 million shares on Tuesday, compared to 80.57 million shares on Monday. Turnover stood at AED 82.75 million, compared to AED 180.81 million.
The market’s trades are still low as traders tended to hold their positions in some stocks and liquidate others before Eid al-Adha vacations, Eissa added.
The telecom sector advanced 0.25% as Sudan Telecommunication Co. (Sudatel) and Etisalat rose 1.9% and 0.25% respectively.
The banks sector went up 0.03% as Union National Bank (UNB) and FGB grew 3.4% and 0.42% respectively.
Abu Dhabi National Company for Building Materials (Bildco) topped gainers with a 10.64% increase, while Finance House and Waha Capital climbed 2.8% and 1.55% respectively.
On the flipside, the real estate sector fell 0.53% as RAK Properties and Eshraq Properties declined 1.64% and 1.23% respectively.
The insurance sector retreated 0.08% as Methaq Takaful Insuranceled losers with a 2.25% decline.
The bourse is likely to continue its marginal rise, with its main index likely to target 4,520 points, Eissa noted.
Translated by: Julian Nabil
