ADX ends Thursday near stable

By: Bedour El Raie

Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) closed Thursday near stable after a six-session rising streak. The general index edged down 0.01% or 4.79 points to 4,687.01 points on the back of profit-taking.

Turnover amounted to AED 91.28 million after 32.28 million shares were exchanged through 714 transactions.

The banks sector shed 0.53% on the back of Abu Dhabi Commercial Bank (ADCB), which lost 0.56%, while the real estate sector decreased 1.09% after Eshraq Properties and Aldar Properties dropped 4.55% and 0.95%, respectively.

On the other hand, the energy sector added 0.61% after Dana Gas and ADNOC Distribution gained 1.96% and 1.65%, respectively.

Commenting on the ADX’s performance on Thursday, Iyad Al Bareeqy, general manager of Al Ansari Financial Services, noted that the second quarter disclosure period has begun and should reflect positively on the market by attracting new liquidity.

Markets are expected to see some inflows by foreign portfolios and institutions, the analyst told Mubasher, indicating that results for the first half of 2018 will act as a launch pad, prompting new market interaction and activity.

First Abu Dhabi Bank (FAB) was the value leader on the ADX with a turnover of AED 26.21 million, while Manazel Real Estate was the most active in terms of volume with 6.66 million shares traded.

Investor concerns are fading as many listed companies have announced that they did not have any exposure to ailing Abraaj Group, while few have uncovered small investments with the mega investment firm in the past few weeks, Al Bareeqy said.

Stocks’ attractive prices, fewer investor concerns, upcoming financial disclosures as well as the relative stability in oil prices are likely to help boost markets in the coming sessions, the analyst added.

 

Translated by: Nada Adel Sobhi

Mubasher Contribution Time: 12-Jul-2018 12:06 (GMT)
Mubasher Last Update Time: 12-Jul-2018 12:06 (GMT)

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