MIDEAST STOCKS-Etisalat boosts Abu Dhabi as Saudi stabilises | Reuters:
"A leap by the shares of United Arab Emirates telecommunications operator Etisalat boosted Abu Dhabi's stock market sharply on Tuesday, while Saudi Arabia stabilised after six straight trading days of declines.
Etisalat said local and foreign institutions and expatriate individuals would be allowed to buy up to 20 percent of its shares, though it did not say when the change would take effect. Currently, only UAE individual investors can buy from the market.
This sent the stock rocketing its 15 percent daily limit to 13.80 dirhams, its highest level since July 2008. The rise left the stock with a forward price/earnings ratio of about 12.5 times, more expensive than Saudi Telecom at around 11 but still cheaper than Qatar's Ooredoo at nearly 16."
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