Abu Dhabi’s benchmark stock index advanced to the highest level in almost three weeks, led by First Gulf Bank PJSC (FGB), after economic reports in the U.S. and Germany boosted optimism about the global economic recovery.
First Gulf gained as much as 1 percent after JPMorgan Chase & Co. (JPM) said the lender controlled by Abu Dhabi’s ruling family may pay a higher dividend in 2011 and this year. Emirates Telecommunications Corp., the United Arab Emirates biggest telephone company known as Etisalat, headed for the highest close since Dec. 19. Abu Dhabi’s ADX General Index (ADSMI) climbed 0.3 percent to 2,415.55, the highest intraday level since Dec. 15, at 12:10 p.m. in the emirate. The Bloomberg GCC 200 Index (BGCC200) was little changed.
“The tailwind is coming from the strong overnight gains in global markets,” said Ali Khan, London-based head of Middle East and North Africa equities sales at Royal Bank of Scotland Group Plc. “In the absence of any specific negative news in the U.A.E., there is little or no reason to be hitting stocks down.”
No comments:
Post a Comment