By: Bedour Al Raei
Abu Dhabi-Mubasher: Abu Dhabi Securities Exchange (ADX) witnessed a positive performance this week, powered by telecom and real estate sectors, shrugging off the decline of banks and energy sectors.
The general index gained 0.59% or 26.50 points to 4546.46 points.
Turnover declined to AED 855.8 million this week, compared to AED 859 million last week. Trading volume rose to 592.77 million shares from 471.73 million shares.
The real estate sector increased 4.71%, backed by Aldar Properties and Eshraq Properties Company which added 5.5% and 2.94%, respectively.
The UAE markets are still suffering from lack of catalysts and low liquidity, which will pave the way for speculation control and institutional investors decline, said Mubasher Securities Company’s CEO Ehab Rashad.
The markets saw quick profit-taking amid investors’ low confidence and oil price fluctuations, according to Rashad.
The banks sector fell 0.57%, weighed by National Bank of Abu Dhabi and First Gulf Bank by 0.74% and 0.71% in a row, while Abu Dhabi Commercial Bank and Abu Dhabi Islamic Bank rose 1.03% and 0.23%, respectively.
The energy sector lost as Abu Dhabi National Energy Company and Dana Gas decreased 1.85% and 1.82%, respectively.
Commenting on Bloomberg’s news that Abu Dhabi's major government-owned companies consider selling its assets due to the slump in crude oil pressures, , Al-Sharhan Centre General Manager Gamal Agag said it is unlikely that the government will take such step in the current period as oil prices started to improve.
The markets are expected to continue its fluctuating performance in anticipation of developments in the global economy and oil prices, added Rashad.
Translated by: Julian Nabil
