Abu Dhabi stocks rallied for a fifth day, following market advances elsewhere with investors betting that the US' $2 trillion infrastructure investment plan is going to have a positive knock-on impact.
But the gains were capped by a number of stocks trading ex-dividend. Abu Dhabi Securities Exchange put on 0.7 per cent to 5,953 points after trading in the red for a few minutes after the opening. But soon, advances for Etisalat and International Holding overpowered the weakness in ex-dividend trading stocks.
The telco gained 1.4 per cent, extending its gains for a fourth day. It has traded lower in just five sessions in the last month and has shot up around 30 per cent for the year-to-date. It continues to attract investor attention on the back of robust 2020 earnings, special dividends and the 49 per cent foreign ownership limit hike.