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ADX, DFM rise before Eid holidays

Posted Fri 17 Aug 2012 09:39:37 am in News, Business | By Dubib.com News Desk


Abu Dhabi’s shares rose for an eighth day in the longest stretch of gains since March after earnings at the emirate’s companies boosted the outlook for UAE economic growth and before the Eid holiday.

 

Abu Dhabi National Energy Co advanced 0.8 per cent after the state-run company known as Taqa this week posted higher second-quarter earnings. Emirates Telecommunications Corp, the UAE’s biggest phone company which last month reported a better-than-expected 17 percent profit increase, gained for a third day. The ADX General Index climbed 0.7 per cent to close at 2,575.87 points, the highest close since March 26 and the longest winning streak since March 4. The measure added 1.6 per cent this week. Dubai’s DFM General Index rose 0.1 per cent to close at 1,580.77 points and Qatar’s QE Index gained 0.8 per cent on Thursday.

Gulf states will celebrate the Eid holiday next week, with Saudi Arabia’s market closing for business from August 18 through August 22 and Kuwait’s shut from August 19 through August 21. About 38 million shares traded in Abu Dhabi on Thursday, compared with a 12- month daily average of 59 million.

Taqa climbed to Dh1.30, the highest close since April 25. The company said this week second-quarter net income increased three per cent to Dh447 million($122 million).

Etisalat, the company with the heaviest weighting on Abu Dhabi’s index, increased 2.1 per cent, the most since June 21, to Dh9.33. Second-quarter profit rose to Dh1.87 billion, outpacing the Dh1.77 billion mean estimate of three analysts, according to data compiled by Bloomberg.

The Bloomberg GCC 200 Index increased 0.2 per cent. Kuwait’s SE Price Index and Bahrain measure climbed 0.1 per cent while Oman’s MSM30 Index was little changed. Saudi Arabia’s market was closed for the weekend.



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