Dubai: Led by another surge in First Abu Dhabi Bank shares, the wider Abu Dhabi index shot past the 5,000 mark for a second time this month on Thursday. Sentiments were also improved by Etisalat and its dividend payment.
“Etisalat had been under pressure in addition to Aldar Properties — but at the moment it is performing quite well operationally and had paid out a generous dividend,” said Issam Kassabieh, Senior Financial Analyst, Menacorp. “Going ahead, the focus could remain on dividend stocks.”
Etisalat shares jumped 4.49 per cent to end at Dh16.30. FAB shares closed 4.06 per cent higher at Dh14.86. The Abu Dhabi Securities Exchange (ADX) general index closed 2.82 per cent higher at 5,003.59 — a level last seen in early May.
“FAB’s recovery has resumed following the correction seen after MSCI’s decision,” said Kassabieh. “The bank has filed for clarification with regards to the decision and some investors could be hoping this is revisited in the next review.”
FAB shares have been on a downward trend as MSCI’s emerging markets review did not touch its weightage on the gauge, causing a sell-off in the stock. They shed more than 15 per cent in value in the three weeks from April 23.
The Dubai Financial Market general index closed 0.79 per cent to 2,620.33, while Emaar continued to gain for another session to end at Dh4.47.