By: Enas Bahgat
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) maintained its rising streak and closed Thursday in the green backed by several positive events including Dana Gas updates.
The general index added 0.24% or 11.18 points to end the session at 4,577.84 points, registering its second straight gain.
Traded volume jumped to 109.99 million shares versus 63.09 million on Wednesday, while turnover amounted to AED 144.79 million down from AED 154.02 million in the previous session.
Dana Gas takes the lead
The energy sector’s 6.79% surge bolstered the ADX, after Dana Gas leapt 12%, to its highest level in four years, on the back of news that Pearl Petroleum, a five-firm consortium led by Crescent Petroleum and Dana Gas, signed a 10-year Gas Sales Agreement (GSA) with the Kurdistan Regional Government (KRG).
Under the deal, UAE-based Crescent Petroleum and Dana Gas will raise their production of daily gas and condensates from the Khor Mor field in Iraqi Kurdistan by around 25% in late 2018.
Dana Gas previously announced that it had a cash liquidity of $608 million. Moreover, a top official at the company told Al-Bayan newspaper that Dana Gas was planning to spend around $137 million (AED 503 million) in investments in Egypt and Kurdistan in 2018. The figure would be divided at $90 million to the Kurdistan Region of Iraq and $47 million to Egypt.
Other sectors
Meanwhile, the ADX’s real estate sector grew 0.74% after Eshraq Properties grew 1.43%, while Aldar Properties ended higher on the back of its historic AED 30 billion deal with Emaar Properties.
The telecom sector and its stock Etisalat went up 0.28% each.
On the flipside, the banks sector shed 0.34% after United Arab Bank (UAB) plunged 10%, while Abu Dhabi Commercial Bank (ADCB), the National Bank of Ras Al Khaimah and Union National Bank (UNB), retreated 6.22%, 4.26%, and 1.08%, respectively.
Dana Gas’ stock was the most actively traded on the ADX on Thursday, registering a turnover of AED 63.13 million after 77.36 million shares changed hands through 426 transactions.
Translated by: Nada Adel Sobhi
