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MIDEAST STOCKS-Abu Dhabi's TAQA rises, most other shares flat
April 10, 2017 / 8:16 AM / 8 months ago

MIDEAST STOCKS-Abu Dhabi's TAQA rises, most other shares flat

DUBAI, April 10 (Reuters) - Shares of Abu Dhabi National Energy jumped ahead of most other shares in the region in early trade on Monday as last week’s news that the company may have turned a corner attracted buyers.

Abu Dhabi National Energy jumped 3.4 percent, heading for a third consecutive session of gains.

Shares in the gas explorer have been volatile since last week when Abu Dhabi’s state utility tightened its grip on loss-making company by boosting its stake to 74 percent, days after it granted land that could potentially wipe out the energy company’s losses.

Abu Dhabi’s index barely moved.

In the neighbouring emirate, Dubai’s index was down 0.3 percent as most large cap shares fell. The builder of the tallest tower in the world, Emaar Properties and Dubai Islamic Bank were each down 0.3 percent.

Saudi Arabia’s index was flat after 45 minutes of trade. Domestic focused shares were some of the best performing shares, with heavyweight dairy producer Almarai up 0.7 percent. Petrochemical shares, however, were weak with Yanbu National Petrochemical down 0.4 percent.

In Doha, however, the index added 0.4 percent as three-fifth of the traded shares rose. Commercial Bank was the top performer, rising 1.3 percent.

Reporting by Celine Aswad; Editing by Andrew Heavens

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