By: Bedour Al-Raie
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) closed in the green on Tuesday, the last trading session of the month and the first quarter, backed by banks, which overcame declines on the real estate, telecom and energy sectors.
The index added 36.58 points or 0.83% and closed at 4,467.93 points, its highest level in 12 sessions.
The banking sector rose 1.59% after six banks gained, led by Invest Bank, which surged by 14%, in addition to Abu Dhabi Commercial Bank (ADCB) and the National Bank of Abu Dhabi (NBAD), which increased 3.20% and 3.03%, respectively.
Talal Al-Khoury, chairman of Al-Awael Holding, said that UAE markets got strong support on Tuesday from closing financial positions at the end of March and Q1-15.
Funds and portfolios, especially foreign ones, sought to improve their closings, resulting in positive performance in the markets despite weak liquidity, Al-Khoury told Mubasher via phone.
The consumer staples sector added 1.47% as Agthia gained 1.71%.
On the other hand, the energy sector declined 1.81% as TAQA dropped 4.76% after the company failed to disclose its financials on the last day of the deadline set by the Securities and Commodities Authority (SCA).
The real estate sector shed 0.8% as Eshraq posted “disappointing” financials, a financial analyst said.
The investment sector and its stock Waha Capital fell 0.68%.
Trading on Tuesday neared Monday’s performance, with 70.6 million shares at a turnover of AED 219.134 million against 68.63 million at a value of AED 216.518 million in the previous session.
The banking sector recorded the highest turnover today, reaching AED 83.07 million. Meanwhile, Aldar Properties recorded the highest stock turnover, reaching AED 46.5 million.
Al-Khoury said he expects markets to resume their gains once more starting Wednesday amid continued negativity and investors’ caution.
Translated by: Nada Adel Sobhi
