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Abu Dhabi Shares Advance to One Month High Led by ADCB, Etisalat

06/06/2011 02:23:10 PM GMT   Comments ()     Add a comment   Print     E-mail to friend

Abu Dhabi shares rose to an almost one-month high as Abu Dhabi Commercial Bank PJSC (ADCB) rallied a seventh day after a report about the planned stake sale in RHB Capital Bhd. and as Emirates Telecommunications Corp. gained.

ADCB, the United Arab Emirates’ third-biggest bank by market value, rose to the highest since October 2008. Emirates Telecommunications, the country’s largest phone company, rose 1 percent after saying it’s not looking at acquisitions and is focusing on expansion of its networks in the U.A.E., Egypt and Saudi Arabia. The ADX General Index (ADSMI) gained 0.5 percent to 2,678.04, the highest since May 8, at the 2 p.m. close in Abu Dhabi. The Bloomberg GCC 200 Index (BGCC200) climbed 0.3 percent.


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Source: AJP

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