Drake & Scull and Dana Gas shares top UAE stock market action

Dana Gas and Drake & Scull International (DSI) were the best performers on an otherwise quiet day for the UAE stock markets.

Dana Gas surged to its highest level of the year so far, after the Sharjah-based company announced an arbitration in its favour in its dispute with the Kurdistan Regional Government over a contract signed between the parties in 2007.

Shares of Dana Gas, listed in Abu Dhabi, closed up 13.7 per cent at 58 fils, and accounted for more than half of the volume traded on the Abu Dhabi Securities Exchange.

In Dubai, DSI was both the best performing and heaviest traded stock, ending up 9.05 per cent at 88 fils, with its highest daily trading volume in just under 12 months.

Investors continued to pile into shares of the construction and engineering company, following its announcement last Thursday that it would lift the 49 per cent threshold for GCC investor ownership of its shares.

The Dubai Financial Market General Index closed down 0.4 per cent, weighed down by Emaar Properties, Dubai Financial Market and Emirates NBD.

In Abu Dhabi, the benchmark index rose 0.2 per cent, bolstered by Etisalat and Eshraq Properties despite Union National Bank’s decline.


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