International Finance

Abu Dhabi Securities Exchange rebound after stock buy

Abu Dhabi Securities Exchange
The buying trend dominated the transactions of investors and foreign portfolios

Abu Dhabi Securities Exchange index rebounded after the buying of listed stocks led by Abu Dhabi First and Aldar Properties. Meanwhile, Dubai Financial Market (DFM) index strengthened its position due to strong gains in global markets.

The transactions of the investors were dominated by the buying trend, contrary to the expectations of the individual investors. The volume and value of liquidity also increased despite anticipations among investors.

According to reports around 156 million shares were exchanged through 418 transactions. The total value of the transaction is estimated to be Dh. 301.7 million. Nearly 55 listed companies were traded.

Abu Dhabi Securities Market (ADSM) index, which was facing a decline in the last several sessions, managed to bounce back to close 0.82 percent higher at 5068 points. The Abu Dhabi Securities Market dealt in more than 57.8 million shares, worth Dh. 124.7 million.

Walid Al Khatib, a financial analyst, said, “Purchasing control dominated during yesterday’s session, the transactions of major stocks listed in the real estate and banking sectors supported by strong gains witnessed by global market indices, with the relative calm of the trade war and high oil prices in international markets.”

Emaar-led stocks accounted for one-third of the value of transactions on the Dubai Financial Market, and was favoured by the US interest rate catalysts. Aldar Properties and Abu Dhabi First also managed to get the investors’ attention.

Gulf Pharmaceutical Industries was the most active stocks in Abu Dhabi Securities Exchange in terms of volume, trading around 12.3 million shares and closing at Dh. 1.29 per share.

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