Banks, energy push up ADX in week

By: Bedour Al Raee

Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange’s (ADX) general index grew 83.8 points, or 1.77%, to close at 4,687.01 points in a week on the back of the banks and energy sectors.

Commenting on this week’s performance, general manager at Al Sharhan Stock Center Jamal Ajaj said that UAE bourses saw “weak” turnover and slight fluctuations.

Investors focused on blue chips, particularly the banks sector as several lenders posted positive results during the week, the analyst told Mubasher.

The banks sector surged 3.36%, as First Abu Dhabi Bank (FAB) surged 4.78% and Abu Dhabi Commercial Bank (ADCB) rose 0.7%.

The energy sector increased 1.18% after Taqa soared 4.17% and Dana Gas gained 0.96%.

On the other hand, the real estate sector went down 0.94%, as Eshraq Properties and Aldar Properties shed 1.59% and 0.96%, respectively.

The telecommunication sector and its only stock, Etisalat, lost 0.29% each.

The ADX’s trading volume hit 176.083 million in five sessions, whereas the market’s liquidity amounted to AED 510.736 million.

Market capitalisation added AED 6 billion, reaching AED 480.662 billion.

Ajaj forecast that next week’s performance would be tied to the continued disclosures of financial results added to some speculation.

 

Translated by: Muhammad Khalid

MUBASHER Contribution Time: 19-Jul-2018 13:45 (GMT)
MUBASHER Last Update Time: 19-Jul-2018 13:48 (GMT)