Abu Dhabi- Banks lead ADX to near 5-month high 

(MENAFN - Khaleej Times) Banks stocks led a rally as Abu Dhabi Securities Exchanges General Index reached a near five-month high after slipping on Tuesday.

The benchmark index gained 1.2 per cent to 2,745 points, its highest close since May 23. Abu Dhabi Islamic Bank (ADIB) advanced 2.9 per cent and Abu Dhabi Commercial Bank climbed 1.6 per cent.

Sources said ADIB, the UAEs second-largest lender, is considering to issue an Islamic bond, or sukuk, and has mandated Barclays Capital, HSBC and Standard Chartered, for the sukuk.

Interest on ADIB is among local investors who are driven by these rumours, said Marwan Shurrab, Vice-President and Chief Trader at Gulfmena Alternative Investments.

Etisalat climbed for a third day after a media report that the company started talks with banks to finance the purchase of a stake in Mobile Telecommunications Co. The shares of the biggest telecommunications company in the Middle East by market value advanced 1.4 per cent to Dh11.10. First Gulf Bank increased to Dh15.65, the highest since May 30.

Gains in global markets helped by the Fed announcement have pushed up local shares, said Humam Al-Shamaa, economic adviser at Al-Fajer Securities LLC. Stocks are cheap in the UAE and investors are taking an interest in riskier assets as the dollar continues to decline.

Du jumped 6.2 per cent to help Dubai Financial Markets General Index. The benchmark index rose 0.9 per cent to 1,759 points.