Mubasher TV
Contact Us Advertising   العربية

ADX rises at Thursday’s open; Dana’s stock lures investors

ADX rises at Thursday’s open; Dana’s stock lures investors
Dana's stock is ready to see correction and face its important resistance

Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) saw a positive performance in Thursday’s early trades, backed by strong gains seen by Dana Gas.

The main index rose 0.2% or 7.8 points to reach 4,464.91 points by 9:14 am UAE time.

Trading volume reached 114.7 million shares exchanged through 859 transactions, generating AED 101.85 million.

Dana added 5.2% to AED 0.81, generating AED 65.9 million from the exchange of 82.43 million shares.

Dana’s stock rose after its CEO announced in an interview with Al Arabiya TV that the company’s share in the Kurdistan Regional Government of Iraq’s (KRG) $1 billion payment to Pearl Petroleum is worth $210 million.

Dana use part of its receivables to fund projects and another part will be given to shareholders, Fadi Elghattis, CEO of MindCraft Consultants, said.

The stock is ready to see correction and face its important resistance, yet it still needs high liquidity to be pumped in it, Elghattis added.