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.
halsayegh@thenational.ae
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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