Abu Dhabi stocks ended higher on Friday, boosted by a rise in heavyweight First Abu Dhabi Bank following strong earnings from peers this week, while the Dubai market ended flat in volatile trading.
The index closed 0.7% higher, buoyed by a 1.4% gain in First Abu Dhabi Bank which is set to report earnings on July 27, and a 2.3% jump in conglomerate International Holding Company.
Among other stocks, Easy Lease Motor Cycle Rental advanced 2.1% after the company reported strong growth in quarterly earnings.
Separately, The United Arab Emirates’ economy grew by an estimated 8.2% in the first quarter, buoyed by higher oil production, the central bank said on Wednesday.
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Real gross domestic product (GDP) is expected to grow 5.4% this year and 4.2% next year, the central bank said.
Dubai’s benchmark index reversed early gains to close flat. However, insurance firm Dar Al Takaful jumped 3.3% following the announcement that Ali Saeed Bin Harmal Aldhaheri had been elected as chairman of its board.
The Dubai stock market could see price corrections if investors move to secure their gains in the current uncertain atmosphere. Strong company earnings could provide some support, said Fadi Reyad, Market Analyst at CAPEX.com MENA
================================= ABU DHABI up 0.7% to 9,660 points DUBAI flat to 3,257 points =================================
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