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Etisalat buoys Abu Dhabi bourse as Saudi extends gains

09/07/2021 | 04:13am EDT
A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh

(Reuters) - Abu Dhabi stocks rose in early trade on Tuesday, buoyed by gains in telecoms firm Etisalat, while the Saudi index was on track to extend gains for a third session.

In Abu Dhabi, the index gained 1%, boosted by a 6.5% jump in Emirates Telecommunications Group, its biggest intraday rise in over eight months, after it secured required approvals to increase foreign ownership limit to 49%.

Separately, ADNOC Drilling said on Monday it intended to list on the Abu Dhabi bourse, with its parent company Abu Dhabi National Oil Co selling a minimum 7.5% stake in an initial public offering (IPO).

Besides, state-backed holding company ADQ said on Tuesday it plans to list Abu Dhabi Ports Co on the Abu Dhabi Securities Exchange before the end of the year.

Saudi Arabia's benchmark index added 0.3%, with Al Rajhi Bank rising 1.2% and petrochemical maker Saudi Basic Industries increasing 0.7%.

Among other gainers, Mobile Telecommunications Co Saudi Arabia, also known as Zain KSA, advanced 1%.

The Public Investment Fund, Saudi Arabia's sovereign fund, has made a non-binding offer to buy a 60% stake in the towers of Kuwaiti-backed Zain KSA, while two other investors offered to buy another 20% stake, valuing the towers at $807 million.

Dubai's main share index edged down 0.1%, hit by a 0.5% fall in blue-chip develop Emaar Properties after its unit Emaar Malls received regulator approval to merge with Emaar Properties.

Earlier in March, Emaar Properties said it was buying out minority shareholders of its shopping centre unit.

However, Emaar Malls added 1.5%.

The index's losses were also limited by gains at logistic company Aramex, which rose about 2% after saying it has split its core businesses as part of a reshuffle aimed at capturing growth in the post-COVID-19 transportation and logistics industry.

Elsewhere, the Qatari benchmark was flat, as gains in financial shares were offset by declines in energy stocks.

(Reporting by Ateeq Shariff in Bengaluru; Editing by Angus MacSwan)

© Reuters 2021
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