Abu Dhabi shares rose to the highest since May as the U.S. Federal Reserve indicated it’s ready to buy bonds to protect the economic recovery. The dollar extended losses, bolstering the appeal of riskier assets and oil.
Emirates Telecommunications Corp., the biggest telecommunications company in the Middle East by market value, climbed for a third day as al-Bayan reported the company started talks with banks to finance the purchase of a stake in Mobile Telecommunications Co. First Gulf Bank PJSC, the United Arab Emirates’ lender owned by Abu Dhabi’s ruling family, jumped 2.6 percent. The ADX General Index increased 1.1 percent to 2,743.17, the highest intraday level since May 24, at 12:57 p.m. in Abu Dhabi. Dubai’s DFM General Index advanced 0.6 percent.
“Gains in global markets helped by the Fed announcement have pushed up local shares,” said Humam al-Shamaa, economic adviser at Abu Dhabi-based Al-Fajer Securities LLC. “Stocks are cheap in the U.A.E. and investors are taking an interest in riskier assets as the dollar continues to decline.”
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