The Abu Dhabi Securities Exchange (ADX) General Index gained the most in more than two months yesterday as some investors bet that the Government would allow foreigners to buy shares of Etisalat, the larger of the UAE's two telecommunications operators.
Etisalat jumped 2.8 per cent to Dh9.13 after the investment bank EFG Hermes upgraded the company to "buy" from "neutral" on share price weakness.
Investors also bought up shares of the capital's two biggest developers, Aldar Properties and Sorouh Real Estate. The rise comes ahead of an expected update on the status of the companies' proposed US$15 billion merger.
Sorouh is due to hold a board meeting today, after local markets close.
Aldar jumped 1.8 per cent to Dh1.14.
Sorouh advanced 0.9 per cent to Dh1.05.
"It's only speculation that's driving the stock," said Yazan Abdeen, a fund manager at ING Investment Management in Dubai. "From a fundamental perspective, the concept was announced, but the execution is easier said than done."
The ADX General Index rose 0.6 per cent to 2,454.56. Meanwhile, the Dubai Financial Market General Index rose 0.2 per cent to 1,467.03.
Elsewhere in the region: Kuwait's index rose 0.1 per cent to 6,110.87; Bahrain's benchmark advanced 0.4 per cent to 1,137.48; Oman's MSM 30 Index fell 0.4 per cent to 5,756.87; and Qatar's QE Index slipped 0.1 per cent to 8,301.20. The Saudi Tadawul All-Share Index rose 1.3 per cent to 6,749.49.
Pre-market: Nifty seen opening lower on Bernanke comments
The 50-share Nifty index is expected to open lower on Thursday tracking Asian markets, which fell on worries after US Federal Reserve Chairman Ben Bernanke said that the Fed would begin tapering off
A journey of success
Emirates NBD, the first national bank of the UAE, celebrates 50 years as a financial pillar
As Emirates NBD, a leading bank in the region, announced plans to celebrate the 50th anniversar
Markets slump amid weak global cues, rupee weighs
Benchmark share indices opened lower on Thursday, amid weak global cues, after the Fed's stance of reducing stimulus coupled with weak manufacturing data from China led to sell off in Asian markets.
Sensex tanks 366 points on Bernanke comments
Indian markets plunged over 1.9 per cent in the morning trade on Thursday on heavy selling by funds and retail investors owing to weak Asian cues.
At 9.41 a.m., the 30-share BSE index
Mashreq introduces new E Cube retail concept
Mashreq introduced the new age of banking on Wednesday with the launch of the UAE’s first of its kind E Cube retail concept at its Dubai Internet City branch.