Abu Dhabi stocks hit all-time high

Reuters/Abu Dhabi
Filed on September 8, 2021
The Abu Dhabi index gained 0.9 per cent to 7,771 points, buoyed by a 2.6 per cent rise in Emirates Telecommunications Group (etisalat). — File photo

Etisalat extends gains as it lifts foreign ownership limit cap; Dana Gas secures $250 mln financing for its project in KRI

Abu Dhabi stocks on Wedndesday closed at an all-time high as telecoms giant etisalat extended gains from the previous session when it announced securing required approvals to increase the foreign ownership limit to 49 per cent.

The Abu Dhabi index gained 0.9 per cent to 7,771 points, buoyed by a 2.6 per cent rise in Emirates Telecommunications Group (etisalat).

“The market has also been rising thanks to the positive sentiment, driven by the expectations of new IPOs from ADQ and others”, said Wael Makarem, senior market strategist at Exness.

Adnoc Drilling said on Monday it intended to list on the Abu Dhabi bourse.

Elsewhere, Dana Gas jumped 5.8 per cent following a $250 million financing agreement by Pearl Petroleoum — a consortium led by Dana Gas and Crescent Petroleum — to support the gas expansion works at the Khor Mor gas plant in the Kurdistan Region of Iraq.

Dubai’s main share index eased 0.1 per cent to 2,907 points, hit by a one per cent decline in blue-chip developer Emaar Properties, extending losses from the previous session.

The index’s losses, although, were capped by gains at Mashreq Bank, which surged more than 10 per cent, a day after it announced inauguration of its representative office in Shanghai amid a strategic push to expand its presence in China.

However, investors are optimistic about the increasing strategic cooperation between the UAE and Saudi Arabia and from the Saudi travel ban lift as the Dubai Expo draws nearer, which would aid the stock market in the long run, said Makarem.

Saudi, Qatar up

Saudi Arabia’s benchmark index added 0.4 per cent, its fifth consecutive rise, led by a 1.1 per cent gain in Al Rajhi Bank. Tourism Enterprises Co climbed 5.1 per cent.

In Qatar, the index added 0.1 per cent.

Outside the Gulf, Egypt’s blue-chip index ended 0.4 per cent higher, with Fawry for Banking Technology and Electronic leading the gains.

“In Egypt, the stock market received some support as the government announced its plans to consider IPOs of public companies by the end of the year,” Makarem added. — Reuters

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