Etisalat shares support Abu Dhabi index gains

Most active Abu Dhabi stocks fall but market heavyweight Emirates Telecommunications Corp (Etisalat) bucks the trend, lifting the index. Etisalat climbs 1.7 per cent as 5,091 shares change hands. Bank of Sharjah is the lone other gainer, rising 3.7 per cent on similar-sized volumes.

Sorouh Real Estate is the biggest casualty, dropping 4.9 per cent to Dh3.12 as property stocks bear the brunt of selling pressure. Aldar Properties and RAK Properties drop 1.9 and 1.4 per cent respectively. This trio account for two-thirds of all shares changing hands on the index. Citigroup on Thursday raised its price target for Sorouh to Dh4 from Dh3.70, keeping a buy rating. "Despite strong fundamentals, we can't ignore the correlation with international markets and the outlook for global shares is still in doubt. I'm not necessarily saying there will be another drop on the market, but volatility will continue," says Chamel Fahmy, Beltone Financial regional senior sales trader.