By Mohd Edrees
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& - after the
firm raised its stake in UK-based Vodafone Group.
The Abu Dhabi index 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 gained 2%.
E&, the UAE's biggest Telecom operator, increased its stake
in Vodafone Group to 13%.
Among other gainers, National Marine Dredging 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 settled 0.5% higher, lifted
by a strong performance in financial and industrial sector
stocks.
MashreqBank , 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 declined 3.5%
after the Sharia-compliant insurer announced the resignation of
its CEO Fahim Al Sehhi.
ABU DHABI up 0.8% to 9,851
DUBAI rose 0.5% to 3,383
(Reporting by Mohd Edrees in Bengaluru; Editing by Toby Chopra)
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