Drake & Scull shares boost Dubai bourse; Dana Gas powers Abu Dhabi index

Stock markets in Dubai and Abu Dhabi ended in positive territory on Tuesday, with high interest in Drake & Scull International (DSI) and Dana Gas propelling daily volumes to above average levels.

Shares in Saudi Arabia were little changed, while Qatari stocks finished slightly lower.

The Dubai Financial Market General Index ended 0.4 per cent higher at 3,441.85, as trading volumes climbed 60 per cent above the daily average for the past six months.

Shares in DSI dominated trading on Dubai’s bourse, accounting for more than half of total trading volumes.

The contractor’s shares finished 0.5 per cent lower at 43 fils, after it was reported that the company had appointed Feras Kalthoum as its acting chief financial officer, taking over from Kailash Sadangi.

Emaar Properties and Emirates NBD led gains among blue chip stocks, closing up 1 per cent and 1.1 per cent, respectively.

Dana Gas shares once again dominated trading in Abu Dhabi, experiencing their busiest day of trading since late January.

The energy firm’s shares soared, 15 per cent to 69 fils, their highest close since October 2014, after it announced that it would seek the restructuring of a US$700 million sukuk it claims is not Sharia-compliant.

Dana’s shares have risen by about 70 per cent in value since the start of the month.

In Saudi Arabia, the Tadawul was little change in thin trading, eventually closing 0.03 per cent lower.

Gains by Samba and Fawaz Abdulaziz AlHokair & Co were cancelled out by declines by Savola and Jabal Omar Development.

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