Dubai: The Abu Dhabi bourse’s main index continued to inch higher on Monday after it hit the 5,000 mark a day earlier, with stronger trading values in the market sustaining the index.
The Abu Dhabi Securities Exchange (ADX) general index closed at 5,010.55, up 0.15 per cent, with trade during the day concentrating on larger caps in banking stocks and property stocks.
Abu Dhabi Commercial Bank and Aldar Properties were the most actively traded stocks, with their share prices rising 1.32 per cent and 0.51 per cent respectively. Meanwhile, Adnoc Distribution’s share prices increased by 1.85 per cent. Blue chips First Abu Dhabi Bank and etisalat ended lower, sliding 0.14 per cent and 0.12 per cent respectively.
Technical analysts had earlier said the Abu Dhabi index would have a pivot point at the 5,005 level, with the next resistance level, if it crossed that, at 5,017 — seven points away from Monday’s close.
In Dubai, the market’s main index also inched up, rising by 0.29 per cent to 2,656.16. Trading activity was also concentrated on powerhouses such as Emaar, Dubai Islamic Bank, and Emirates NBD.
The higher closing levels for both Abu Dhabi’s and Dubai’s main indices come in contrast to performance in other emerging markets, which are witnessing declines on the back of expectations of a stronger dollar. Higher-than-expected gains in the latest US jobs report caused investors to change their view on monetary policy outlook as they no longer forecast an interest-rate cut at the end of this month.
