Dubai: Dana Gas witnessed its highest volume in a month even as shares rose more than 3 per cent in a dull Abu Dhabi market.
The company’s shares rose more than 3.72 per cent to Dh1.11. About 32.8 million shares were traded post the mid-session, the highest since June 26.
“Dana witnessed a bullish breakout over the resistance at Dh1.09, showing signs of recovery and may target Dh1.20 in the near term,” Shiv Prakash, senior analyst with First Abu Dhabi Bank Securities said.
The Abu Dhabi Securities Exchange general index closed 0.29 per cent higher to 4,844.19.
In other stocks, Adnoc Distribution rose 2.78 per cent higher to Dh2.96, Waha Capital rose 2.27 per cent higher to Dh1.10.
“In Abu Dhabi, the index soared on First Abu Dhabi Bank’s results as they exceeded expectations and set new profit projections for the year,” Issam Kassabieh, senior analyst with Menacorp said.
The Dubai Financial Market General index closed 0.14 per cent higher to 2,948.80. Traded value stood ta Dh146 million, compared to Dh150 million in the previous session.
Dubai Islamic Bank closed 0.40 per cent higher to Dh4.97, while Emaar Properties closed 0.38 per cent higher to Dh5.30. Dubai Investments closed 1.50 per cent higher to Dh2.03. DP World closed 1.77 per cent higher to $23.
Air Arabia closed nearly a per cent lower to Dh1.05.
“Air Arabia remains bearish and the recent corrective bounce may face renewed selling pressure,” Prakash said in a note.
Drake and Scull closed more than 6 per cent lower to Dh0.663. Emirates NBD closed flat at Dh10.55.
Elsewhere in the Gulf, Tadawul index in Saudi Arabia closed at 8,367.70, down 0.38 per cent. “Investors are advised to keep an eye on the petrochemical sector as more M&A talks take place in the region, particularly in Saudi,” Issam Kassabieh, senior analyst with Menacorp said. Tadawul index has been the top performer in the region, gaining 15.79 per cent in year so far.
The Qatar index closed 0. 06 per cent lower to 9,607.89. The Muscat MSM 30 index closed 1.58 per cent lower to 4,335.91. The Kuwait index closed 0.15 per cent lower to 5,226.03.