The Abu Dhabi Securities Exchange’s (ADX) general index grew 0.29%, or 13.46 points, to 4,615.41 points on Tuesday, encouraged by banks and real estate sectors.
The ADX’s trading volume shrank to 66.76 million shares from 86.66 million on Monday, while the market’s turnover increased to AED 199.65 million, compared to AED 172 million in the previous session.
The banks sector added 0.71% after First Abu Dhabi Bank (FAB) went up 1.35%, while Invest Bank gained 1.21%.
FAB was the most actively-traded stock in terms of liquidity, with a turnover of AED 62.8 million, while Manazel Real Estate topped the market in terms of trading volume, with around 14 million shares.
The real estate sector levelled up 0.59% after Aldar Properties rose 0.44%.
On the other hand, the consumer staples sector shed 0.97%, as Agthia lost 1.09%.
The telecommunication sector and its only stock Etisalat went down 0.56% each.
Bildco led the ADX’s gainers, surging 8.06%, while Abu Dhabi Ship Building Company (ADSB) topped the market’s losers, dropping 6%.
Although banks sector and some blue chips were expected to tumble, we can be optimistic, but new market-moving catalysts are a must over the coming period to attract more capital, said vice president of Investment Research at KAMCO Raed Diab.
The general index is unable to break above 4,610-point resistance and is likely to level down due to a strong buying trend, but if it breaks its ceiling, the ADI could reach 4,670 points and then 4,715 points, the analyst concluded.