Etisalat surged to a new high in the run-up to the telco’s inclusion in MSCI’s Emerging Markets Index, propelling Abu Dhabi’s index into positive territory.
Shares of Etisalat, which will be included in the index from Tuesday, rose 10 per cent on the back of a surge of late orders, ending the day at Dh16.50 apiece.
More than 125 million Etisalat shares changed hands yesterday, making it the telco’s busiest trading day.
In Abu Dhabi the index jumped 1.5 per cent to 4,236.39, with Aldar Properties and RAK Bank among the other main gainers.
Dubai equities also rose, even as Emaar Properties fell to a new low for the year. The heaviest-weighted stock on Dubai’s headline index fell sharply in late trading, closing down 1 per cent at Dh5.77.
In Dubai the index ended up 0.3 per cent at 3,204.28, boosted by gains in Dubai Islamic Bank and Emaar Malls.
UAE stock markets will remain closed for the remainder of the week, for National Day celebrations.
Meanwhile, Middle East fund managers are slightly more positive towards regional equities after valuations in some markets, excluding Saudi Arabia, fell, according to a monthly Reuters survey.
jeverington@thenational.ae
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