[2008-02-27]  Telecoms sector leads gains in UAE markets
Telecommunications companies yesterday led the gains in UAE markets, with Etisalat making its biggest advance in over two years. Shares on the Dubai Financial Market (DFM) General Index rose 0.1 per cent to close at 5,927.64 while those in Abu Dhabi climbed 0.7 per cent at 4,840.28 points.

Advancing 1.1 per cent at 1,051.78 points, Dubai’s telecommunications sector grew alongside the transportation sector, which added 1.3 per cent to close at 1,001.05 while the real-estate sector lost 0.5 per cent at 12,231.13.

Dubai-based Gulf Navigation Holding, an oil and chemical shipping company, posted its highest close in over a month on plans to allow non-Gulf Arabs to own as much as 20 per cent of its stock for the first time. It rose 2.4 per cent to Dh1.70.

Budget carrier Air Arabia, which yesterday began its non-stop service between its home base in Sharjah and Kozhikode, in the Indian state of Kerala, advanced two per cent to Dh2.15. The initial flights are three times a week, but will increase to six times weekly by the end of May.

Etisalat, officially known as Emirates Telecommunications Corp, jumped 1.2 per cent to close at Dh25.30 after rallying 2.2 per cent to Dh25.55 at one-time during trading in Abu Dhabi. The UAE’s biggest phone company has proposed a cash dividend of 35 fils for the second-half of 2007 and plans to distribute one bonus share for every five held.

Aircraft operator Abu Dhabi Aviation Co (ADAVIATION) jumped 8.2 per cent to Dh5.02 following last week’s announcement of changes to it board of directors. The shares have added 27.3 per cent in the past five days.

First Gulf Bank, whose shareholders approved a plan to sell up to Dh9.2 billion ($2.5 billion) of convertible bonds, advanced 1.3 per cent to Dh23.30.

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