Lack of triggers keeps volumes thin on ADX

30/06/2010 00:00 AST

Influenced by downward pressure in Dubai's bourse, equities on the Abu Dhabi Securities Exchange (ADX) suffered minor losses yesterday as selling pressure pushed the index lower in the second half of the session.

The trading value was very thin and fewer deals were influencing the index fluctuations the most.

While etisalat supported the index, all other sub-indices closed in the red. Indicating range-bound trading, the ADX General Index shed 21.67 points, or 0.85 per cent, to end at 2531.44 points from 2553.11 points the day before.

The ADX recorded a bleak trading value of Dh88.27 million as more than 42 million shares changed hands in 1097 deals involving 31 stocks. Reflecting the under current weak trading sentiment, 22 stocks declined and eight ended flat, while only one stock moved upwards.

Wadah Al Taha, a senior financial analyst, told Emirates Business: "There was big pressure on the ADX market and this is totally unjustified. We don't have a clear picture on what has influenced the market most as the uncertainty factor hitting the trading sentiment. Moreover, global news irrelevant to our markets also affected the trading sentiment negatively as there were no triggers in the region. No news is bad news for our markets."

Aldar and Sorouh stocks fell 4.03 per cent and 3.16 per cent respectively to end at Dh2.86 and Dh1.84, while RAK Properties closed flat at Dh0.36.

All the energy stocks closed in red as Aabar Investments fell six per cent, Dana Gas eased 1.47 per cent and Taqa dropped 0.90 per cent. Among banking stocks, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, First Gulf Bank, National Bank of Abu Dhabi, Oman and Emirates Holding, Union National Bank and Waha Capital closed in red.

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