By: Bedour El-Raie
Abu Dhabi – Mubasher: Etisalat’s stock marked the highest trading activity in six months on Thursday, the last trading session of 2016, on the Abu Dhabi Securities Exchange (ADX).
By 12:36pm UAE time, the stock jumped 1.63% to a 12-session high of AED 18.65.
The stock was the most active in terms of turnover with AED 194.99 million, accounting for 53% of the ADX’s total liquidity at the time of AED 367 million. Traded volume on the stock reached 10.53 million shares.
The company’s recent positive news has helped the stock rise at a time when some investors tend to increase their positions in some stocks, particularly those that allow foreign ownership like Etisalat, Eyad Al-Bareeqy, GM at Al-Ansari Financial Services, told Mubasher.
Etisalat’s stock surged 3.28% since its announcement on 25 December that it had concluded its management agreement with Etihad Etisalat (Mobily) two days prior. Both parties agreed not to renew the contract under current conditions.
The UAE telecom revealed that the two companies were collaborating on developing a service and technical support agreement, which will take into consideration Mobily’s requirements for the coming period given the scale of operation and the customer base.
In the meantime, the ADX’s general index grew 0.84% or 37.60 points to 4,509.17 points after 108.719 million shares were traded at a turnover of 398.538 million.
Translated by: Nada Adel Sobhi
