Equities edge up; banks lift Abu Dhabi

DUBAI - UAE markets on Tuesday got a late boost and ended higher after an otherwise lacklustre session.

By (Agencies)

Published: Wed 30 Nov 2011, 11:08 PM

Last updated: Tue 7 Apr 2015, 5:21 AM

Emaar Properties closed 2.7 per cent higher and telecoms operator du added 0.4 per cent. The Dubai Financial Market’s General Index advanced 0.2 per cent to 1,370 points.

Abu Dhabi’s measure ended 0.5 per cent higher at 2,436 points, lifted by banks. National Bank of Abu Dhabi rose two per cent and First Gulf Bank, or FGB, climbed 2.4 per cent. The FGB rose the most in more than two weeks after the UAE lender raised the foreign- ownership limit in the bank’s shares to 25 per cent. The stock advanced 2.4 per cent, the most since November 13, to Dh14.75, trimming the decline this year to 15 per cent.

“FGB is a highly rated stock in the region and foreign ownership was always perceived as a weakness,” said Ahmed Talhaoui, head of asset management at Abu Dhabi-based Royal Capital PJSC.

The UAE and Qatar may be raised to emerging market status at MSCI next month after the index provider delayed the decision in June. Amendments to index constituents can alter share prices as passively managed funds buy and sell stocks to mirror the measure. About $3 trillion of funds are benchmarked against MSCI’s indexes globally.

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