Telecom stocks boost gains in the country’s stock markets
The country’s stock markets closed higher on Tuesday, helped by gains for the country’s telecommunications companies, whose shares jumped due to the prospect of increased holdings of non-Emirati investors.
The Abu Dhabi Stock Exchange index continued to rise for the third session in a row and closed up 3.1% after ending the previous session, up about 4%.
The index was boosted by a nearly 15 percent jump in the Emirates Telecommunications Group (Etisalat).
Etisalat witnessed its best day in nearly six years, with the company calling for a board meeting tomorrow Wednesday to discuss increasing the limit of foreign ownership in the company.
Dubai’s index rose 1%, thanks to a 14.6% jump in Emirates Integrated Telecommunications’s shares in the stock’s best trading session since December 2014.
Emirates Integrated Telecommunications also called for its board of directors meeting tomorrow to discuss increasing the ownership of foreign investors.
Abu Dhabi changed its corporate laws late last year to allow more foreign investment as it seeks to boost private sector activity.