ADX index closes above 5,000 mark

Dubai: The Abu Dhabi bourse’s main index closed above the 5,000 mark on Sunday after flirting with that psychological barrier for the past 10 days, with powerhouse Aldar Properties leading gains.

The Abu Dhabi Securities Exchange (ADX) general index ended at 5,003.28, inching 0.08 per cent higher. Analysts had earlier said that further upside in the index was likely to lead to a bullish break higher.

Aldar Properties was the most actively traded stock in the market, with its share prices rising 2.06 per cent to end at Dh1.98. Meanwhile, banking stocks including those of First Abu Dhabi Bank and Abu Dhabi Islamic Bank ended flat.

Elsewhere, the Dubai Financial Market (DFM) index slid 0.45 per cent to 2,648.59 as trade values shrunk further to just Dh60.6 million. Most stocks ended the day in the red, with Emirates NBD down 1.76 per cent, and Emaar closing 0.45 per cent lower. Dubai Islamic Bank gained 0.58 per cent.

Going forward, the Dubai bourse will need to see an increase in trade values before the index can make gains, according to an analyst note from First Abu Dhabi Bank, which also put the support level of the index at 2,650.

Having broken that on Sunday, the next one is 2,636, the note said.