The Abu Dhabi Securities Exchange’s (ADX) general index lost 46.76 points, or 0.93%, to close at 4967.77 points on Thursday, weighed down by tumbling US stocks.
Market capitalisation suffered its largest losses in a month, shedding AED 4.85 billion, to close the last session of the week atAED 492.664.
The ADX’s trading volume reached 42.75 shares exchanged at a turnover of AED 176.720 million.
The telecommunication sector and its only stock, Etisalat, fell 0.96%.
The real estate sector plunged 0.88% after Aldar Properties dropped 1.16%.
The energy sector shed 0.45% after the stocks of ADNOC Distribution and Abu Dhabi National Energy Co’s “TAQA” shed 1.29% and 0.88%, respectively.
The insurance sector was the only riser, registering a 0.01% increase, boosted Methaq, which rose 0.26%.
The consumer staples sector shed 2.82% after Agthia fell 3.75%.
The ADX as well as the regional peers have been badly affected by the sharp losses of the US stock markets on Wednesday, the largest in eight months, Iyad Al-Bareeqy, CEO of Al Ansari Financial Services, told Mubasher on Thursday.
Al-Bareeqy cited the World Bank president’s remarks on Wednesday, where he expected a major economic slowdown over the current trade war, which will, in turn, take its toll on the local and regional stock markets amid the declining oil prices in Europe.