Abu Dhabi Shares Climb Unfazed by Ukraine Turmoil; Dubai Drops - Bloomberg

Abu Dhabi Shares Climb Unfazed by Ukraine Turmoil; Dubai Drops - Bloomberg:



"Abu Dhabi shares extended a 15-week advance, spurred by an economic recovery in the emirate as investors judged the political turmoil in Ukraine is unlikely to affect Middle East markets. Dubai’s benchmark declined.



The ADX General Index (ADSMI) climbed 0.3 percent to 4,974.24 at 12:53 p.m. in Abu Dhabi. Dana Gas PJSC (DANA) rose as it upgraded its Wastani plant in Egypt in an effort to boost production by 25 percent. Dubai’s benchmark, the third-best performing index globally this year among more than 90 tracked by Bloomberg, fell 0.4 percent.



Abu Dhabi’s gauge surged more than 60 percent in the last 12 months amid a recovery in the United Arab Emirates’ financial and property markets. The emirate’s economy is expected to grow at an average 5.7 percent a year through 2016, according to the economic development department. That compares with estimated global growth of 2.9 percent, according to data compiled by Bloomberg."



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