Abu Dhabi stocks rose almost 1 per cent, boosted by Etisalat, the biggest telephone company in the UAE, amid what money managers said was renewed interest from foreign investors as emerging markets around the world rebound from the January crash in global equities.
The Abu Dhabi Securities Exchange General Index increased 0.8 per cent at the close. The Dubai index added 0.2 per cent.
Etisalat, which has a has a 27.6 per cent weighting in the index, making it the largest, rose 2.5 per cent to Dh18.35.
“It seems that there is interest back for the name because we are reaching levels not seen since mid-March,” said Sebastien Henin, the head of asset management at the The National Investor in Abu Dhabi. “Etisalat is still in demand because of the decision to include it in the MSCI Emerging Market index.”
Ahead of Etisalat’s addition to that index, it was estimated that some $500 million of investment would flow into Etisalat from index funds. Its shares have jumped more than 60 per cent in the past 12 months.
But Mr Henin said that despite the bullishness on Etisalat, UAE stocks were likely to trade in a tight range until first quarter corporate earnings start being reported.
mkassem@thenational.ae
Follow The National's Business section on Twitter
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
Other ways to buy used products in the UAE
UAE insurance firm Al Wathba National Insurance Company (AWNIC) last year launched an e-commerce website with a facility enabling users to buy car wrecks.
Bidders and potential buyers register on the online salvage car auction portal to view vehicles, review condition reports, or arrange physical surveys, and then start bidding for motors they plan to restore or harvest for parts.
Physical salvage car auctions are a common method for insurers around the world to move on heavily damaged vehicles, but AWNIC is one of the few UAE insurers to offer such services online.
For cars and less sizeable items such as bicycles and furniture, Dubizzle is arguably the best-known marketplace for pre-loved.
Founded in 2005, in recent years it has been joined by a plethora of Facebook community pages for shifting used goods, including Abu Dhabi Marketplace, Flea Market UAE and Arabian Ranches Souq Market while sites such as The Luxury Closet and Riot deal largely in second-hand fashion.
At the high-end of the pre-used spectrum, resellers such as Timepiece360.ae, WatchBox Middle East and Watches Market Dubai deal in authenticated second-hand luxury timepieces from brands such as Rolex, Hublot and Tag Heuer, with a warranty.
Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
-
-
-
-
-
-
-
-
-
Political flags or banners
-
Bikes, skateboards or scooters