Abu Dhabi stock market dips

November 11, 2013 8:57 am

The ADX General Index fell by 0.14 per cent to 3,846.47 points on Sunday, November 10. Abu Dhabi National Energy Co – also known as TAQA – closed flat at Dhs1.29. Sharjah-based energy firm Dana Gas fell by 1.52 per cent to Dh0.65. Earlier in the day, the UAE minister of energy, HE Suhail Mohamed Al Mazrouei, said that the Gulf state, which harbors around eight per cent of the world’s known oil reserves, would diversify its sources of energy, but will remain a reliable oil supplier. By 2020, 25 per cent of the UAE’s energy needs shall be based on nuclear energy, 67 per cent will be based on gas and the remaining share will be based on renewable sources, such as solar and wind energy. The shares of Gulf Cement Co gained the most, closing 4.51 per cent higher at Dhs1.39. Fish producer Asmak posted the largest decline, ending with an 8.50 per cent drop at Dhs14.