Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) opened in the green on Thursday, led by the banking and real estate sectors. The index grew 65.10 points or 1.52% to 4,345.17 points.
The banking sector rose 2.23% as Abu Dhabi Commercial Bank (ADCB), First Gulf Bank (FGB) and the National Bank of Abu Dhabi (NBAD) gained 4.98%, 3.79% and 1.72%, respectively.
The telecom sector and its stock Etisalat increased 0.82%.
The real estate sector added 1.78%, backed by Aldar Properties, whose stock grew 2.22% after its ordinary general meeting approved dividends.
On the other hand, the investment sector and its stock Waha Capital fell 0.72%.
Around 19.43 million shares were traded through 496 transactions at a turnover of AED 20.21 million.
UAE markets continue to suffer an absence of catalysts from local institutions, noted Gamal Aggag, general manager at Al Sharhan Centre for Securities and Bonds in a comment to Mubasher.
Investors’ fears are linked to TAQA’s financials amid the oil price decline, the analyst said, adding that investors expect the stock to continue moving downwards until oil prices stabilise.
Strong competition has come from the Saudi Stock Exchange (Tadawul), which this year decided to allow foreigners to own or directly invest in listed stocks, drawing strong liquidity, particularly from foreign investors, Aggag noted.
The ADX ended Wednesday in the red on growing fears regarding increased global oil supply. The index dropped 50.56 points or 1.17% to 4,280.07 points, its lowest level in 65 sessions.
