Abu Dhabi stocks rose the most in a month on bets the government may permit foreigners to buy shares of Emirates Telecommunications Corp. (ETISALAT) and amid optimism Europe’s policy makers will take steps to ease the debt crisis.
Etisalat, as the phone company is known, advanced the most since June. First Gulf Bank PJSC (FGB), Abu Dhabi’s third-biggest bank, increased 1.3 percent. The ADX General Index gained 0.6 percent, the most since June 21, to 2,485.51 at the close in the emirate. Dubai’s DFM General Index (DFMGI) slipped less than 0.1 percent, while the Bloomberg GCC 200 Index (BGCC200) of stocks in the region gained 0.2 percent.
State-controlled Etisalat will “soon” allow foreigners to own its shares, Al Khaleej reported, citing Group Chief Executive Officer Ahmad Abdulkarim Julfar. Etisalat is 60 percent owned by state-controlled Emirates Investment Co., according to data compiled by Bloomberg. European and U.S. equities rallied July 27 on bets the European Central Bank would begin a new round of joint-bond purchases to ease borrowing costs in Spain and Italy, while Germany and France pledged to do everything to protect the euro.
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