DUBAI: UAE stock markets closed mixed on Friday, with modest gains in Dubai offset by losses in Abu Dhabi, as investors largely looked past corporate earnings and focused on the risk of a renewed escalation in Middle East tensions.
Dubai’s main share index gained 0.5 percent, led by a 1.8 percent gain in top lender Emirates NBD and a 1.5 percent increase in utility firm Dubai Electricity and Water Authority.
However, blue-chip developer Emaar Properties fell 0.9 percent, despite reporting higher second-quarter profit, as earnings declined compared with the previous quarter.
In Abu Dhabi, the index eased 0.3 percent, hit by a 0.6 percent fall in conglomerate International Holding. On the other hand, ADNOC Gas gained 1.2 percent, ahead of its earnings announcement.
Investors remained cautious over efforts to end the US-Iran war and reopen the vital Strait of Hormuz, as renewed regional tensions clouded the outlook.
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