By: Enas Bahgat
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange’s (ADX) main index closed in the red zone on Sunday, pressured by profit-taking.
The general index (ADI) slipped 0.11% or 4.96 points to close at 4,462.76 points.
The ADX’s general index has stabilised at minor support levels near 4,463 points, technical analyst at the African Economic Council Mona Mostafa told Mubasher.
The energy sector shed 1.34% after the Abu Dhabi National Energy Company (TAQA) and Dana Gas sank 1.52% and 1.30%, respectively.
The banks sector levelled down 0.22%, weighed by some stocks led by Invest Bank, which tumbled 10%. Bank of Sharjah, Union National Bank (UNB), and Abu Dhabi Islamic Bank (ADIB) went down 2.44%, 1.86%, and 0.79%, respectively.
Although the ADI was only down slightly on Sunday, it was affected by profit-taking in the energy sector, which resulted in a decline in the general index’s gains achieved earlier in the session, the analyst continued.
On the other hand, the real estate sector added 0.55%, pushed up by Aldar Properties, which grew 0.84%.
The telecommunications sector and its only stock Etisalat rose 0.28% each.
The ADX’s trading volume shrank to 47.6 million shares on Sunday from 52.8 million shares on Thursday, while the market’s turnover decreased to AED 83.97 million through 588 transactions, compared to AED 142.4 million in the previous session.
Dana Gas was the most actively-traded stock in terms of volume with 21.7 million traded shares.
Meanwhile, First Abu Dhabi Bank (FAB) led the market in terms of liquidity with a turnover of AED 23.3 million through 47 transactions.
The selling transactions seen on the ADX on Sunday will support the stocks’ prices during Monday’s session, Mostafa concluded.
Translated by: Muhammad Abdulwakeel
