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Abu Dhabi bourse knocks at 2,800, a first since Oct. 2010
- United Arab Emirates: Sunday, January 27 - 2013 at 15:59
Like the Dubai market the ADX started with gains and solid turnover into the last week of Jan. as the ADXGI ended up 0.60% at 2,799.63 points. Merging developers Aldar and Sorouh performed again in lockstep as both shares closed even at Dhs1.42 and Dhs1.72, respectively. Market bellwether Etisalat gained Dhs0.02 to reach Dhs9.52. The UAE's first telecom provider recovered half of its sever losses it suffered from Dec. 11 to Dec. 12 after the Emirati government set royalty fees for Etisalat and its Dubai-based rival Du for the years 2012 to 2016. The ministry of finance has set a federal royalty fee at 15% on revenues and 35% on profits for 2012-2015 for Etisalat. In 2016, the firm has to pay to the state 15% on revenues and 30% on profits. Shares of Abu Dhabi Ship Building lost the most, ending down 9.82% at Dhs1.01.
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Gérard Al-Fil, Financial JournalistSunday, January 27 - 2013 at 15:59 UAE local time (GMT+4)
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