Abu Dhabi Shares Rise, Ending 9-Day Drop on Oil, Global Markets - Bloomberg.com

Abu Dhabi shares rose, ending a nine- day losing streak and helping lead Gulf markets higher, as oil gained and global markets advanced on optimism the economic recovery will accelerate.

Emirates Telecommunications Corp., the company known as Etisalat, gained the most in more than three months as it said yesterday Indian operators were among companies it was looking at for possible investment. National Bank of Abu Dhabi PJSC climbed the most in two weeks after it bought back some bonds. Qatar Telcom QSC rose the most in almost a month. The ADX General Index rose for the first time in 10 days, increasing 0.8 percent to 2,571.06. Qatar’s QE Index gained 1 percent.

“There is no regional news at the moment” to drive the market, said Julian Bruce, director of equity sales at EFG- Hermes Holding SAE. The rise in the Gulf markets is “due to external influences.”