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22 February 2024

Telecom in limelight as ADX trades sideways

By Sreenivasa Rao Dasari

The Abu Dhabi Securities Exchange moved in a restricted sideways trading pattern yesterday as the general index fell 0.11 per cent, or 2.9 points, to end the session at 2,750.27 points. It has now fallen for three sessions in a row.

Taqa, Union Cement, etisalat, Qatar Telecom, Sudan Telecom and Bildco helped the index to stay afloat while all the realty, energy, banking and construction stocks pulled the index lower.

Telecom stocks were very active as Sudan Telecom and Qatar Telecom were among the day's top gainers, while index heavyweight etisalat gained 0.84 per cent and closed at Dh11.95 following the announcement of a 60 per cent of dividend and 10 per cent bonus share issue.

The trading value on the bourse stood at Dh148.79 million as more than 45 million shares changed hands in 1,333 deals involving 33 stocks.

"The ADX recorded a moderate fall, but trading value improved and was higher than in the previous sessions," analyst Wadah Al Taha told Emirates Business. "The trading sentiment is so negative that the dividend announced by etisalat did not influence the market much. However the telecom major managed to reduce the index's fall. This pattern was not limited to etisalat but affected other major shares also."

Shiv Prakash, a technical analyst at MAC Capital, said: "Intraday, the market is expected to trade sideways in the range with lower supports at 2,734 and resistance at 2,765."



GCC trades in red


All the GCC bourses with the exception of Muscat, which rose 0.24 per cent, closed lower yesterday in the absence of buying support.

After nine sessions of gains Saudi Arabia's Tadawul retreated 0.24 per cent as Sabco, Sabic, Kingdom Holding came under pressure.


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