Abu Dhabi shares increased to the highest level in almost five months after Etisalat is said to have started talks with banks to finance its purchase of a stake in Kuwait’s Mobile Telecommunications Co.
Etisalat, or Emirates Telecommunications Corp., climbed to the highest since March. The company has the biggest weighting on Abu Dhabi’s ADX General Index, which rose 0.5 percent to 2,758.67 at the 2 p.m. close in the emirate. The gauge increased 2.7 percent this week and closed at the highest since May 20. Dana Gas PJSC, the U.A.E. energy company, gained the most in four weeks.
Etisalat buying a stake in Zain “will have a positive impact on its financial statement” and third-quarter earnings “are expected to be good,” said Kifah Maharmeh, general manager at Al Dar Shares & Bonds Brokerage in Abu Dhabi.
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