Abu Dhabi Stocks Fall to Two-Week Low, Led by Etisalat, Aldar

* username: rupertbu

Abu Dhabi’s benchmark index dropped to the lowest level in two weeks as Emirates Telecommunications Corp. and Pakistan disputed over the acquisition of a stake in the Asian country’s biggest telephone company.

Etisalat, which makes up 27 percent of Abu Dhabi’s measure, declined to the lowest since Feb. 16. Abu Dhabi Commercial Bank PJSC, the United Arab Emirates third-biggest bank by assets, slipped 3.7 percent. Abu Dhabi’s measure dropped to the lowest level since March 18, retreating 0.8 percent to 2,836.92.

Etisalat Chairman Mohammed Omran said April 3 the company could withhold payments to Pakistan for failure to transfer some properties under a $2.6 billion deal in 2006 to acquire a stake in Pakistan Telecommunication Company Ltd. Pakistan’s Privatisation Minister Waqar Ahmed Khan last week said the stake sale to Etisalat was “unfair.” Etisalat dropped for a fourth- day, losing 2.8 percent to 10.5 dirhams.