Emirates Telecom Group lifts Abu Dhabi, Dubai extends gains

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Traders talk with the officials at Bahrain Bourse in Manama
Traders talk with the officials at Bahrain Bourse in Manama, Bahrain, February 7, 2018. REUTERS/Hamad I Mohammed

Feb 3 (Reuters) - Stock exchanges in the United Arab Emirates closed higher on Friday, with Abu Dhabi's main index boosted by a rise in telecom operator Emirates Telecommunications Group - known as E& - (EAND.AD) after the firm raised its stake in UK-based Vodafone Group.

The Abu Dhabi index (.FTFADGI) jumped 0.8%, rising for a fifth session in a row, bolstered by a 3.4% increase in Emirates Telecommunications Group, while the UAE's largest lender First Abu Dhabi Bank (FAB.AD) gained 2%.

E&, the UAE's biggest Telecom operator, increased its stake in Vodafone Group (VOD.L) to 13%.

Among other gainers, National Marine Dredging (NMDC.AD) surged 3.1% to hit around a 20-year-high, a day after the firm posted a 30% increase in annual net profit to 1.30 billion dirhams ($353.9 million).

Abu Dhabi's main index posted weekly gain of 2%, while the Dubai index ended the week with 1.6% returns, according to Refinitiv data.

Dubai's benchmark index (.DFMGI) settled 0.5% higher, lifted by a strong performance in financial and industrial sector stocks.

MashreqBank (MASB.DU), which helped Dubai's index to stay in positive territory amid volatile trading, advanced 15%, its highest percentage gain since late September, after the lender with other banks was picked to arrange an issuance of U.S. dollar-denominated sustainable sukuk for Dubai Islamic Bank under its $7.5 billion issuance programme.

However, Islamic Arab Insurance (SALAMA.DU) declined 3.5% after the Sharia-compliant insurer announced the resignation of its CEO Fahim Al Sehhi.

Reporting by Mohd Edrees in Bengaluru; Editing by Toby Chopra

Our Standards: The Thomson Reuters Trust Principles.

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