Dana Gas fires up Abu Dhabi stocks

Abu Dhabi's stock market rose yesterday, lifted by Dana Gas, after the explorer and producer based in the UAE reported a 79 per cent increase in second-quarter profit.

Dana Gas shares jumped 2.5 per cent to 40 fils on the Abu Dhabi Securities Exchange.

Net income advanced to Dh387 million in the quarter that ended on June 30, from Dh216m last year, the company said on Monday.

Dana Gas added it was "committed to finding a consensual solution that was equitable to all stakeholders," over a US$1 billion Islamic loan due in October.

The Abu Dhabi Securities Exchange General Index gained 0.2 per cent to 2,553.56.

"The results for Dana Gas were slightly ahead of expectations but the area of concern is the sukuk, how they are going to do that," said Saleem Khokhar, the head of equities at National Bank of Abu Dhabi. The stock could experience some volatility, he said.

Dubai's stock market declined amid a correction in local equities.

The Dubai Financial Market General Index lost 0.2 per cent to 1,577.61.

"Dubai has been going up pretty hard, we are getting to technical resistance levels," Mr Khokhar said.

Elsewhere in the region: Kuwait's measure added 0.2 per cent to 5,00.51; Bahrain's index was little changed, up 0.03 per cent, to 1,076.44; Oman's index was little changed, up 0.05 per cent, to 5,498.74; and Qatar's QE Index rose 0.07 per cent to 8418.29 points.

The Saudi Tadawul All-Share Index moved 0.04 per cent higher to 6,968.31 yesterday.

halsayegh@thenational.ae

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