© Reuters. An investor inside the Dubai Stock Exchange, with a photo from the Reuters archive.
(Reuters) – The Abu Dhabi Stock Exchange ended Friday’s session higher after the Abu Dhabi National Oil Company (ADNOC) announced an initial public offering for gas activity, while it closed at a loss.
Despite a drop in prices of more than 2 percent, Al-Raisi advanced, as risk appetite was supported by the announcement of the initial public offering of ADNOC Gas.
Gainers included state-owned Abu Dhabi National Energy Company (Taqa), which jumped 4.6 percent after the company acquired 5 percent of ADNOC’s gas business ahead of its initial public offering.
ADNOC is set to sell 4 percent of its gas unit in an initial public offering, with plans to list on the Abu Dhabi Stock Exchange on March 13.
Oil prices fell on Friday on fears that the US Federal Reserve will raise interest rates to calm inflation, and fell 2.28, or 2.68 percent, to $ 82.86 a barrel by 1124 GMT.
The state-owned Dubai Electricity and Water Authority (DEWA) fell 1.6 percent, and Emirates NBD Bank (DFM:) fell 1.1 percent.
Farah Murad, senior market analyst at XTB for the Middle East and North Africa, said the Dubai stock market was volatile and could remain vulnerable to possible price corrections while sentiment deteriorated.
(Prepared by Mahmoud Salama for the Arabic Bulletin)
