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04 October 2023

ADX slips on Q4 results of Aldar, Adib and Taqa

By Sreenivasa Rao Dasari

The Abu Dhabi Securities Exchange (ADX) witnessed continued downward movement yesterday for the second consecutive session, as fourth-quarter results of Aldar, Abu Dhabi Islamic Bank (Adib) and Abu Dhabi National Energy (Taqa) disappointed the market.

The ADX general index slipped yesterday by 0.58 per cent, or 15.75 points, and closed the session at 2710.73 points. Aldar, Taqa and Adib announced their results and all three stocks moved downwards after their results disappointed investors and gave rise to selling pressures.

"Aldar's fourth-quarter results disappointed the market. RAK Ceramics' results were good, while Adib results also discouraged the market," Vyas Jayabhanu, Head of Al Dhafra Financial Broker, told Emirates Business. "ADX could slide to 2700 points and then comes a support at 2690. Global markets were trading lower yesterday, while oil also slipped into pressure."

RAK Ceramics' shares gained 9.74 per cent to close at Dh1.69. Another major gainer was Gulf Cement, which added 9.60 per cent and closed at Dh1.94. With a bleak trading sentiment pervading the bourse, only three stocks advanced, while 21 retreated and six closed flat. ADX recorded a marginal trading value of Dh107.47 million as more than 44 million shares were traded in over 1386 transactions in 30 stocks.

Despite a drop in their values, Aldar, Sorouh, ADNH, Dana Gas and ADIB stocks were the most active on the bourse. ADIB fell 6.64 per cent and closed at Dh2.81.

Realty stocks Aldar eased 4.10 per cent and closed at Dh3.74, while RAK Properties fell 1.89 per cent to close at Dh0.52, and Sorouh eased 3.04 per cent to close at Dh2.23, all of them slipping into selling pressures. Energy stocks Aabar, Dana Gas and Taqa also closed lower. Aabar fell by a marginal 0.87 per cent and closed at Dh2.28. Dana shares eased 1.12 per cent to close at Dh0.88 and Taqa dropped 2.40 per cent.

GCC rangebound

GCC bourses traded in a narrow range of sideways trading yesterday. With a 1.03 per cent rise, Kuwait was the major gainer, followed by the Saudi Arabian market with 0.76 per cent and Qatar with 0.07 per cent. The ADX, Bahrain, DFM and Muscat bourses closed in the red with losses of less than a per cent.


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