By: Enas Bahgat

Abu Dhabi – Mubasher: Abu Dhabi National Energy’s (TAQA) stock declined on the Abu Dhabi Securities Exchange (ADX) on Thursday despite the company’s reported growth in net profit during the first quarter.

Earlier on Thursday, TAQA reported a 42% year-on-year increase in net profit in Q1-18.

By 12:40 pm, UAE time, the stock plunged 6.02% to AED 1.25 after 1.5 million shares were traded with a turnover of AED 1.96 million, its lowest level in over a month.

The energy sector also shed 1.37% after 12.32 million shares were traded, generating AED 13.37 million in liqudiity.

The rising geopolitical tensions after trump’s decision to withdraw from Iran's nuclear agreement will alert investors, which warns of more decreases in the market, senior financial analyst at Mena Corp Issam Kassabieh commented.

Translated by: Muhammad Khalid