Wednesday 22 August 2012

Abu Dhabi Stocks Rise for 9th Day on Earnings, Oil; Dubai Gains - Bloomberg

Abu Dhabi shares rose for a ninth day, the longest stretch of gains since March, after earnings at the emirate’s companies beat estimates and oil traded near a three-month high.
Sorouh Real Estate Co. (SOROUH) gained 0.9 percent. Emirates Telecommunications Corp. (ETISALAT), the biggest United Arab Emirates phone company which last month reported a better-than-expected 17 percent profit increase, gained for a fourth day. The ADX General Index (ADSMI) climbed 0.2 percent to 2,581.24, set for the highest close since March 25 and the longest winning streak since March 4, at 10:45 a.m. in the emirate. The measure has advanced 3 percent so far this month. Dubai’s DFM General Index (DFMGI) rose 0.5 percent and Qatar’s QE Index added 0.1 percent.
U.A.E. stock markets reopened today after the Eid holiday, which marked the end of the Islamic month of fasting. Saudi Arabia (SABIC)’s market will resume trading Aug. 25. About 15 million shares traded in Abu Dhabi so far today, compared with a 12- month daily average of 59 million.

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