By: Bedour Alraei
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) gained most in more than two months in the week ended 30 November, backed by the rise of telecom stocks .
The general index rose 0.84% or 35.73 points to reach 4,308.77 points.
Traders tended to make profit-taking on some speculative blue-chips stocks in November, according to Eyad Al Bariqi, Trading Director of Al Ansari Financial Services.
The market was backed by buying some stocks, especially in the telecom sector, in addition to foreign investors’ purchases of blue chips which reached low price levels, the analyst added.
Positive expectations for the OPEC meeting on oil output cut also boosted the bourse this week, Al Bariqi noted.
Turnover amounted to AED 718.92 million this week, compared to AED 1.822 billion last week. Trading volume reached 408.593 million shares, compared to 1.32 billion shares.
The telecom sector rose 5.67% as Etisalat went up 5.67%.
On the other hand, the real estate sector also slid 1.82% after Eshraq Properties declined 7.48%.
The banks sector tumbled 1.01% as Abu Dhabi Islamic Bank and First Gulf Bank (FGB) retreated 1.97% and 0.42% respectively.
The energy sector also levelled down 0.39% after TAQA decreased 1.96%.
The UAE bourses will be closed on 1 December on the occasion of the Martyrs' Day and the 44th UAE National Day.
Translated by: Julian Nabil
