By: Bedour Al Raee
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange’s (ADX) general index tumbles 68.57 points, or 1.38%, to close at 4,918.31 points at the end of the first week of September, dragged down by the banks, real estate, and telecommunication sectors.
The ADX’s trading volume reached 249 million shares, while the market’s liquidity amounted to AED 878.18 million.
Over the week, market capitalisation declined to AED 491.959 billion.
The telecommunication sector and its only stock, Etisalat, lost 1.83% each.
The banks sector went down 1.45% after First Abu Dhabi Bank (FAB) dropped 4.32%.
The real estate sector decreased by 1.34%, as RAK Properties and Aldar Properties sank 1.61% and 1.55%, respectively.
On the other hand, the energy sector grew 2.1%, as Dana Gas surged 3.6%.
Union National Bank (UNB) catapulted 29.78%, while Abu Dhabi Commercial Bank (ADCB) soared 7.75%.
The announced potential merger among UNB, ADCB, and Al Hilal Bank has boosted the UAE markets’ liquidity, CEO of NamaaZone Research Iyad Aref commented.
Translated by: Muhammad Khalid