Dana Gas rises on Iraq outlook

Dana Gas was one of the few UAE stocks to advance yesterday, rising 1.1 per cent in Abu Dhabi, while Dubai's main index had its biggest drop in more than three months.

The mood across the rest of the market was muted as the Christmas holiday season around the world wound down, and the Dubai Financial Market (DFM) General Index fell 0.7 per cent to 1,619.39.

Dana Gas, which was one of the most heavily traded stocks on the Abu Dhabi Securities Exchange, with more than 20.7 million shares changing hands, closed at 72 fils. The company, based in Sharjah, is one of several UAE firms that could benefit from plans by Iraq's new central government to recognise contracts for oil and gas production issued by the regional authorities in Iraqi Kurdistan.

The ADX declined by 0.07 per cent to 2,704.08 yesterday. Etisalat, the UAE's largest company by market capitalisation, dropped at the open but closed flat at Dh10.80. Property heavyweights dragged on the market as RAK Properties retreated 2.2 per cent to 44 fils and Aldar Properties closed flat at Dh2.26.

In Dubai, Emaar Properties fell 1.4 per cent to Dh3.42, Arabtec Holding slumped 1 per cent to Dh1.94 and Deyaar Development dropped 2 per cent to 29 fils.

Hits Telecom, an investment company based in Kuwait and a small-cap on the DFM, rose 5.6 per cent to Dh1.13 and was the most heavily traded stock by volume yesterday.

Markets were positive elsewhere in the region. Oman rose 0.5 per cent to 6,753.62, Qatar advanced 1.2 per cent to 8,737.39 and Kuwait was up 0.3 per cent to 6,906.00. The Saudi Tadawul All-Share rose 0.04 per cent to 6,611.81.

fhalime@thenational.ae