Dana Gas shares tumble, most actively traded on ADX

Dubai: Dana Gas shares tumbled on the Abu Dhabi Securities Exchange after rising swiftly for a couple of weeks, making it the most actively traded name on the bourse. Union Properties led gains in Dubai.

Dana Gas shares tumbled 4 per cent to close at Dh0.70, and were the most actively traded stock on the ADX. The Abu Dhabi Securities Exchange closed 0.02 per cent lower at 4,500.86.

Among other stocks, Abu Dhabi Commercial Bank closed 0.28 per cent lower at Dh7.04. Etislat closed 0.29 per cent lower at Dh17.35.

The Dubai Financial Market General Index closed 0.44 per cent lower at 3,444.13. Union Properties closed 1.78 per cent higher at Dh0.970.

“Union Properties could continue its move to the upside and target the Dh1.04 and, if broken, could drive the stock sharply higher to target the Dh1.35,” Hesham Khairy, head of institutional trading, Menacorp, said. Emaar Properties closed 0.88 per cent lower at Dh7.93.

“Emaar had one of the best 2 weeks in a year, stock currently trading at the declining trend line from 2014 which could provide some resistance,” Khairy said. Drake and Scull closed 1.19 per cent higher at Dh0.426. Al Madina closed at Dh0.807, up 3.46 per cent higher.

“Al Madina’s volume has increased and stock should target the Dh1.15, word in the market is that the company has won a piece of land in Saudi Arabia worth 30 million Kuwaiti dinars. Profit on this trade is around 50 per cent,” said Khairy.

Elswehere in the Gulf, Saudi Arabia’s Tadawul index closed 0.89 per cent higher at 6,881.39. The Qatar exchange index closed 0.75 per cent lower at 9,188.09.

ADX dividends top Dh22b

Abu Dhabi Securities Exchange (ADX) said it has distributed around Dh22.1 billion of cash dividend to investors during the first half of 2016 on behalf of its listed companies.

The total amount of cash dividend declared by ADX listed companies for the fiscal year 2016 reached around Dh22.17 billion for more than 200,000 investors with Dh16.4 billion distributed via direct bank transfers to investors’ accounts, and Dh5.77 billion distributed through bank cheques.