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02 October 2023

ADX drifts upwards amid lacklustre trading

By Sreenivasa Rao Dasari

The Abu Dhabi Securities Exchange staged a modest recovery yesterday led by construction, realty, telecom and energy stocks.

The general index moved up 0.71 per cent and closed at 2,729.95 points, a rise of 19.22 points from 2,710.73 the day before.

Investors were seen buying stocks that looked attractive following the recent fall in the market. But despite the marginal rebound market sentiment seems to be weak owing to low volumes on the bourse.

"The ADX also moved upwards, but on the other hand global sentiment is low and that may not help the market to recover in the present situation," Ayman El Saheb, Director of Operations at Darahem Financial Brokerage, told Emirates Business.

Aldar shares attracted bargain buyers after the latest drop in the stock caused by disappointing financial results for 2009. Aldar added 1.34 per cent and closed at Dh3.79.

"Aldar's results had a negative impact on trading," added El Saheb. "The below-expectations numbers disappointed the market."

Another property major, Sorouh, moved up by 0.45 per cent to close at Dh2.24, while RAK Properties ended flat at Dh0.52.

The ADX recorded a turnover of Dh178.51 million and volume of 78.45 million shares across 1,991 deals in 30 stocks.

The top gainers were InvestB, Umm Al Quwain Cement, Gulf Cement, Abu Dhabi National Hotels and RAK White Cement, while the day's losers included National for Tourism and Hotels, Sharjah Cement, Bank of Sharjah, Abu Dhabi National Takaful and National Bank of Abu Dhabi.

GCC back in black

After trading in a mixed pattern for some time, all the GCC bourses closed in positive terrain yesterday with marginal gains of less than one per cent. Saudi's Tadawul moved up 0.79 per cent on buying support in Sabic, Rabigh and Samba Financial Group. The markets attracted buying support on the back of steady oil prices at $74.10. Zain on the Kuwait bourse rose by more than nine per cent following the stake buying by Indian telecom major Bharti Airtel. Banking stocks led the gains on the Qatar bourse, while the Oman market reached an 18-week high amid buying support for banks and telecom stocks.


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