Etisalat soars to 11-month high on pull-out from Indonesia's XL Axiata
- United Arab Emirates: Thursday, September 13 - 2012 at 14:52
Despite a very negative advance-decline ratio, the ADX General Index extented its gaining streak to the seventh (!) day, closing a quarter percentage point higher at 2,608.53. Etisalat, the UAE's first telecom provider, was the share of the day, finishing 1.15% higher at Dhs9.67. Earlier in the day, Etisalat announced it has sold its 9.1%-stake in Indonesia's third largest mobile operator XL Axiata for Dhs1.87bn ($510m). The sale is expected to be complete until next Tuesday, September 18. Only three shares advanced in Abu Dhabi, while 14 (!) ended flat at nine securities declined in value. Merger candidates Aldar Properties and Sorouh Real Estate fell 0.80% and 1.63%, respectively. Trading activity was dull as 40m shares worth Dhs91.7m changed hands.
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