Abu Dhabi’s benchmark index rose to the highest level in almost a month, as U.S. economic reports boosted confidence in the world’s largest economy and shares in Abu Dhabi’s largest real-estate developer advanced.
Aldar Properties PJSC rallied 2.9 percent after agreeing to manage a $204 million contract to expand Abu Dhabi’s Masdar campus. The ADX General Index climbed 0.4 percent to 2,764.15 at 2 p.m. in Abu Dhabi, the highest close since Dec. 12. Gains were led by telephone company Emirates Telecommunications Corp.
“Global optimism for equity markets” helped push local shares higher, said Tariq Qaqish, director and fund manager at Al Mal Capital PSC in Dubai.
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