Abu Dhabi’s shares rose to the highest in almost five months after Emirates Telecommunications Corp. proposed a dividend for 2011 and on investor bets the emirate’s spending plans would support real-estate companies.
Sorouh Real Estate Co., the emirate’s second-largest developer, advanced 0.9 percent. Emirates Telecommunications, the United Arab Emirates’ biggest phone company known as Etisalat, rallied 2.3 percent. Abu Dhabi’s ADX General Index rose for a third day, gaining 1 percent to 2,528.3, the highest intraday level since Oct. 3, at 11:30 a.m. in the emirate. The Bloomberg GCC 200 Index was little changed.
Etisalat, the company with the heaviest weighting on the benchmark index, helped lead today’s gains “and buying momentum has been driven by real-estate stocks after the government announced spending plans last month,” said Sebastien Henin, who helps oversee $100 million at The National Investor in Abu Dhabi.
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