UAE- Middle East stocks decline Dana Gas soars

Date

11/30/2015 11:35:42 PM

(MENAFN- Khaleej Times)

Dubai: Stocks in Abu Dhabi led most Middle East markets lower even as Dana Gas PJSC an energy explorer based in the UAE soared after winning a court order over unpaid debts. Shares in Saudi Arabia and Egypt rose.

Dana advanced 15 per cent the most in almost a year to Dh0.47 at the close in the emirate saying an international arbiter ordered the Kurdish government to pay thecompanyand its partners about $2 billion for unpaid invoices.It was the most heavily traded stock onAbu Dhabi's ADX General Index accounting for about 50 per cent of the volume. The gauge declined 1.1 per cent to the lowest level since November 16.

Emirates Telecommunications Group Co also known as etisalat will begin trading on the MSCI UAE index after November 30. Exchanges in the UAE close for a three-day national holiday starting on Tuesday. The stock slid 2.6 per cent the most since September 14.

Saudi Arabia's Tadawul All Share Index rose 0.1 per cent. Makkah Construction & Development Co led the advance with a four per cent gain on more than twice its average daily volume in the past three months.

Oman's MSM30 Index slipped 0.4 per cent the 18th day of declines extending its longest losing streak on record. Gauges in Bahrain and Dubai fell 0.3 per cent. Kuwait stocksand Qatar's QE Index gained 0.2 per cent and 0.3 per cent respectively.

Egypt's EGX 30 Index gained 0.8 per cent as of 1.56pm in Cairo. Commercial International Bank Egypt SAE climbed 2.8 per cent. The company accounts for about 36 per cent of the index.

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