Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) began Tuesday in the green, extending its gains on the back of growth in the energy, banking and telecom sectors.
The general index gained 0.35% or 16 points to 4,577.36 points by 10:50am UAE time. Turnover reached AED 27 million as 13.4 million shares changed hands through 284 transactions.
Analysts told Mubasher that it is likely that UAE markets will see declines in the coming period especially in the absence of actual market-boosting catalysts, even though prices are attractive; however, such declines are mainly due to the weak liquidity.
The energy sector led risers, adding 1.62% as Dana Gas surged 2.4%, leading rising stocks. The oil and gas firm announced today signing an agreement with BP to drill a well in Al-Matariya in Egypt’s Nile Delta.
The banking sector ranked sector top gainer, adding 0.46% as the National Bank of Abu Dhabi (NBAD), Abu Dhabi Islamic Bank (ADIB) and First Gulf Bank (FGB) rose 1.87%, 1.8% and 0.33%, respectively.
The telecom sector increased 0.43% as Etisalat witnessed a similar rise to AED 11.55.
On the other hand, the real estate sector was in the red, inching down 0.03% owing to losses on Eshraq and RAK Properties, which exceeded Aldar’s gains.
