Shares in Etisalat climbed 1.8% on the first day it opened up to foreign and institutional investors. The UAE telco also saw its highest daily trading volume on record, with over 42 million Etisalat shares traded in one day, reported Reuters.
The opening bell saw shares rise by 3.5% dominating trading in Abu Dhabi, but eventually fell back to 1.8%.
As the biggest listed company in the UAE, Etisalat is now very likely to secure a place in emerging market indexes, attracting global funds. Previously, only local retail investors could buy the stock. Etisalat has soared 22% since it announced the decision to open up to foreign investors three months ago.
Dubai's benchmark stock index rose 0.7%, supported by a rebound in a number of stocks after several days of declines.