Dubai’s index ended higher on Friday boosted by shares of logistics firm Aramex, while gains in Abu Dhabi were muted due to lower crude prices.
Oil slipped, burdened by the prospect of weaker global growth, higher interest rates and COVID-19 lockdowns in China hurting demand even as the European Union considers a ban on Russian oil that would further tighten supply.
Dubai’s main share index rose 0.6% and closed the week 2% higher, its fifth consecutive weekly gain.
Aramex shares rose 4.7% after the company said its board will meet next week to vote on increasing foreign ownership to 100%.
In Abu Dhabi, the index recouped initial losses to close 0.2% higher.
“The Abu Dhabi stock market opened negatively following the decrease in oil price. The market remains exposed to the volatility of energy markets which could weigh on its recovery,” said Eman AlAyyaf, chief executive officer of EA Trading.
ABU DHABI rose 0.2% to 10,132
DUBAI added 0.6% to 3,683
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