Sunday 10 June 2012

Abu Dhabi Shares Rise Most in 2 Months on Etisalat Ownership Bet - Bloomberg

Abu Dhabi’s stocks rallied the most in more than two months on bets the government may permit foreigners to buy shares of Emirates Telecommunications Corp. (ETISALAT), the largest publicly traded company in the United Arab Emirates.
Etisalat, as the phone company is known, advanced the most since January even after it said it’s not aware of any decision to change the law that governs foreign ownership. Abu Dhabi Commercial Bank PJSC (ADCB), the U.A.E.’s third-biggest lender, gained 1.3 percent. The ADX General Index (ADSMI) rose 0.7 percent, the most in intraday trade since April 1, to 2,456.21 at 12:20 p.m. in Abu Dhabi. The Bloomberg GCC 200 Index (BGCC200) climbed 0.1 percent and Saudi Arabia’s Tadawul All Share Index (SASEIDX) rose less than 0.1 percent.

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