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29 February 2024

ADX rises after property and telecom stocks rally

By Sreenivasa Rao Dasari

Abu Dhabi Securities Exchange (ADX) closed the first session of the new year on promising note as property, telecom, energy and construction shares pushed the index higher yesterday.

Sorouh, RAK Properties, Arkan, RAK Cement and NCTH were the top gainers, while Abnic, Bank of Sharjah, QCem, Union National Bank and Finance House were the main losers.

Ayman El Saheb, Director of Operations at Darahem Financial Brokerage, told Emirates Business: "ADX went up as buying support across several verticals seen. Real estate is also encouraging. The tendency of select buying in certain stocks has been increasing and widening. Institutions are back to the trading as they are reacting positive over disclosures."

The ADX general index witnessed net gain of 1.05 per cent or 28.73 points and closed at 2772.34 points.

"Intraday, if the market remains above the critical support levels of 2762 we can see the continuation of the bullish move until 2782/2792 resistance levels. Break below 2762 will bring profit taking until 2751 support levels," said Shiv Prakash, senior technical analyst at MAC Capital.

ADX recorded Dh134.51 million trading as more than 56.69 million shares were traded on the bourse over 1654 transactions in 36 stocks. Twenty stocks advanced, nine declined and seven remained unchanged at their previous levels.

Esca has approved the request of FGB to extend the mandate for its buyback programme for one year. The previous approval expired on November 5 and now it can continue for another year. The new approval is for the completion of buyback of ten per cent of FGB shares representing 137.5 million shares. FGB already bought 21 million shares and now it can buy upto 116.5 million shares.

GCC back in black

After moving sideways for some time, the GCC bourses cheered the new year with positive trading as the all the indices except Kuwait and Bahrain, which were closed yesterday, closed higher.

DFM led the gains on GCC market followed by Muscat with 1.59 per cent, ADX with 1.05 per cent, Qatar with 0.68 per cent and Saudi with 0.07 per cent.


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