Telecommunications and banking lifted Abu Dhabi stocks yesterday as valuations were considered cheaper compared with Saudi Arabia and Qatari markets amid global market turmoil.
Etisalat, the largest telecoms operator in the country, was up 0.3 per cent to Dh2.98 a share. Union National Bank was up 1.2 per cent to Dh3.34, while Abu Dhabi Commercial Bank was up 0.3 per cent to Dh2.98. The Abu Dhabi Securities Exchange General Index was up 0.3 per cent to 2,612.80 points.
'Valuations are good so investors are rotating out of Saudi Arabia and Qatar, whose markets have more exposure to oil, and following the global economic environment,' said Saleem Khokhar, the head of equities at National Bank of Abu Dhabi. 'The UAE never really rallied in the first place, so during a time of turbulence, I would rather be in the UAE than Saudi Arabia or Qatar. That's what it all comes down to.'
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