Abu Dhabi National Energy Co. (TAQA), the state-controlled power and oil producer known as Taqa, fell the most in 17 months after crude oil extended its drop last week.
The shares plunged 6.3 percent, the biggest slump since January 2011, to 1.20 dirhams at the 2 p.m. close in the emirate. The benchmark ADX General Index (ADSMI) fell 1.1 percent. Oil prices retreated 5.1 percent last week to $79.76 a barrel in New York, extending this year’s losses to 19 percent.
“The continued fall in oil prices will squeeze Taqa’s profit margin late in the second quarter,” said Nabil Farhat, a partner at Abu Dhabi-based Al Fajer Securities.
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