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ADX breaches 5,000-mark on FAB, Aldar interest

(11/7/2018 8:26:00 AM)

The Abu Dhabi Securities Exchange (ADX) general index resumed its winning streak, breaching the keenly watched 5,000-mark on the back of interest in First Abu Dhabi Bank (FAB) and Aldar Properties.

The index closed at a day high of 5,003.63, the highest seen since early October, having risen 0.63 per cent. The index has been the best performer in the region with 13.76 per cent in the year so far.

“Only the upward break of 5,040 would cancel the bearish scenario for the Abu Dhabi index,” Menacorp said in a daily note. FAB was up 1.41 per cent to close at Dh14.38 while Aldar Properties rose 2.89 per cent to Dh1.78. Abu Dhabi Commercial Bank (ADCB), however, eased 0.87 per cent to close at Dh7.96.

The Dubai Financial Market (DFM) general index closed 0.74 per cent higher at 2,815.60. Other stocks on the bourse also rallied following Emaar Properties in the previous session.

Arabtec, which was the most active stock in trade, closed 8.13 per cent higher at Dh2.26. The stock contributed 20 per cent of the total traded value on the bourse of 363 million.

DP World inched up 0.53 per cent to end the session at Dh18.94. “More results are expected on Monday from Arabtec, Amanat and others which could trigger some trading on small caps, but [the] focus will remain on US elections taking place today, which [are] said to be one of the most important elections of [their] time,” Issam Kassabieh, senior financial analyst at Menacorp, said.

In other stock action, Emaar Malls closed 4.35 per cent higher at Dh1.92 while Dubai Investment delivered 1.25 per cent gains to end at Dh1.62. Saudi Arabia’s Tadawul All Share Index registered a 0.20 per cent gain as it closed at 7,817.71.

Saudi Basic Industries Corp closed flat at 125 riyals, while Alinma Bank rose 0.47 per cent to 21.50 riyals.

The Muscat MSM30 index was 0.14 per cent higher at 4,421.12 at the end of trade yesterday but the Qatar Exchange index fell 0.78 per cent to end at 10,376.94.

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