Shares in Dana Gas had their best day in more than three months yesterday, on news of the company’s US$26.5 billion lawsuit against the Kurdistan Regional Government (KRG).
Other shares in Abu Dhabi performed less well, with the capital’s headline index leading losses across the region.
Indexes in Dubai and Saudi ended the day little changed.
Dana Gas shares, listed on the Abu Dhabi stock exchange, rose by 5.1 per cent for their best day since February 14. The company and its parent, Crescent Petroleum, are seeking $26.5bn in damages against the KRG as part of a long dispute over gasfield development rights.
The Abu Dhabi Securities Exchange General Index dropped steeply at the close to end down 1.7 per cent at 4,427.30.
FAB and Etisalat closed down 3.7 per cent and 1.7 per cent respectively, ahead of the adjustment of their weight in MSCI’s UAE Index on June 1.
Damac Properties, which will be included in the MSCI UAE Index from today alongside Aramex, led gains in Dubai, closing up 3.5 per cent at Dh2.99.
The Dubai Financial Market General Index finished down by 0.03 per cent at 3,339.37, held back by Emaar Properties, down by 1 per cent, and Emaar Malls, down by 2.3 per cent.
For the month, the Abu Dhabi index lost 2.1 per cent and the Dubai index lost 2.2 per cent.
In Saudi Arabia, the Tadawul finished just 0.01 per cent higher, with gains by banking stocks cancelled out by petrochem and industrial stocks.
Banque Saudi Fransi, whose shares will be included in MSCI’s Saudi Index from today, rose by 2.5 per cent, with Al Rajhi Bank and NCB also gaining.
jeverington@thenational.ae
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