Abu Dhabi gains on IHC rally, Dubai falls
- Dubai’s main index, however, fell 0.5%
Abu Dhabi’s index closed higher on Friday, supported by gains in the healthcare and consumer staples sectors, while Dubai’s market bucked the trend to end lower.
Abu Dhabi’s benchmark index rose 1.1%, its biggest intraday gain in more than 6 weeks, boosted by a 4.8% surge in UAE’s biggest listed firm International Holding Company.
Among other gainers, healthcare conglomerate Pure Health Holding jumped 4.7%, while hypermarket operator Lulu Retail Holding was up 2.6%.
Dubai’s main index, however, fell 0.5%, snapping a two-session winning streak, dragged down by a 2.4% drop in top lender Emirates NBD Bank and 1.5% dip in blue-chip developer Emaar Properties.
Food delivery platform Talabat Holding climbed 2.6% after recommending a dividend of 2.660 fils per share for the first half of the year.
Oil prices, a key driver of Gulf financial markets, fell on Friday as concerns over potential supply disruptions in Saudi Arabia eased.
Brent crude was down 1.6% at $103.18 a barrel by 1149 GMT.
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