ICEC

ADX Above 2.500 pts Backed By Etisalat, Developers

The Abu Dhabi Securities Exchange (ADX) General Index added a quarter percentage point Tuesday, closing at 2,505, as market bellwether Etisalat, the UAE first telco firm, gained 0.93% to reach Dhs 8.67 ($2.36).

Etisalat reported Monday a Q1 net profit of Dhs 1.18 billion ($ 320 million), down from Dhs 1.82 billlion ($ 500 million) year-on-year.

Real estate giants and merger candidates Aldar and Sorouh advanced 1.80% and 3.67% to reach Dhs 1.16 ($0.32) and Dhs 1.15 ($0.31), respectively.

According to AMEinfo, the Abu Dhabi National Hotels lost the most (off 9.60% at Dhs 1.98 or $ 0.54). Trading volumes more than doubled as 85 million shares were traded, valued at Dhs 103.4 million ($28.19 million).

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