Etisalat hits 10-year-high to lift Abu Dhabi market

Etisalat shares hit a 10-year high yesterday, a week after the stock’s inclusion in the market maker programme of the Abu Dhabi Securities Exchange.

Etisalat rose 1.3 per cent to Dh15.10, the first foray above the Dh15 mark since June 2005. The shares have gained about 7 per cent over the past two weeks.

The telco is the fifth stock to be included in the stock market’s market maker programme, which commenced officially in April. It follows Aldar Properties, Waha Capital, FGB and Abu Dhabi Commercial Bank.

National Bank of Abu Dhabi is the sole market maker organisation to be licensed so far by the bourse.

Etisalat’s rise helped to offset a decline by banking stocks to push the Abu Dhabi Securities Exchange General Index into positive territory, making it the only bourse in the region not to finish in the red.

The bourse’s headline index ended the day barely changed, rising 0.07 per cent to 4,564.35.

Shares in Dubai fell 1 per cent in early trading before recovering ground to close down 0.2 per cent to 3,712.09.

Dubai Islamic Bank shares had their worst day in six weeks, ending down 1.8 per cent to Dh6.75. Air Arabia and Aramex were among the laggards, closing down 1.3 and 1.2 per cent respectively.

In contrast, Gulf Navigation shares registered their highest one-day rise since last November, up 11.4 per cent to 49.5 fils. A Gulf Navigation official was at a loss to explain the rally.

In Oman, the Muscat Securities Market Index fared the worst in the region, closing down 0.5 per cent to 5,928.98.

Follow The National’s Business section on Twitter

Share This Post