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26 May 2024

Industrial stocks lead ADX slightly down

By Mohamad Al Kady

The Abu Dhabi Securities Exchange (ADX) remained almost flat yesterday amid strong pressures from the industrial sector. The market continued to move in a very narrow range, as the heavyweights ended without much change in their position.

The ADX index lost 1.79 points, or 0.07 per cent, and closed at 2653.78 points with a drop in turnover as 48.8 million shares worth Dh104.9 million changed hands.

Real estate and energy stocks remained the top active ones in the market and moved slightly in the downside. Aldar lost 0.2 per cent to close at Dh4.56 and Sorouh declined by 0.4 per cent to Dh2.52. Taqa dropped by 0.84 per cent to Dh1.20 and Aabar lost 0.43 per cent to Dh2.32, while Dana remained flat at Dh0.96.

Banking stocks moved in a mixed trend yesterday, with heavyweight NBAD dropping 1.32 per cent to Dh11.15 and ADIB shedding 1.8 per cent to Dh2.69, while FGB added 2.3 per cent to Dh15.65.

The industrial sector was the top loser yesterday and dropped by 2.37 per cent. The Adaviation stock fell the most – by 9.87 per cent to Dh2.10. GMPC shed 3.14 per cent to Dh2.08.

The market opened in the positive area but started falling quickly within the first few minutes. The ADX index then traded flat for a long time until the end of the session when there was some activity and leading stocks narrowed their losses, helping the index to close almost flat.

"The ADX maintained its support area of around 2637 points. The market is facing intraday resistance at 2662 points and then 2670 points," said Ehab Rashad, Trading Manager at Direct Broker for Financial Services. "However, the market is still weak and cannot give a strong direction in the current period. Turnover continues to be very low and leading stocks are not showing strong movements."

GLS top gainer

Gulf Livestock Company (GLS) was the top gainer on the ADX yesterday, adding 24.03 per cent to close at Dh4.80. The rally in GLS came through one deal of 5,944 shares. The stock was traded at Dh5.00 on November 3 and dropped to Dh3.87 on November 9. The company was listed as a category one company within the consumer sector with 100 million shares each of a nominal value of Dh1.


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