The Abu Dhabi index rallied on Friday as conglomerate International Holding Company surged ahead of its results early next week, while shares in Dubai extended losses.
The region’s stock markets had a mixed week, and could face pressure in the coming days as the volatility in energy markets adds to investor concerns, said Farah Mourad, senior market analyst at XTB MENA.
The Abu Dhabi index advanced 1.1%, with Abu Dhabi Commercial Bank rising 2.9% and the country’s largest lender - First Abu Dhabi Bank - firming 0.5%.
Shares of International Holding Company jumped 2.9% to a record high ahead of its half-year results on Aug. 8.
The gains were, however, capped by a 4.4% fall in Al Waha Capital after the investment company reported a loss of 59.3 million dirhams ($16.15 million) in second quarter.
Most Gulf bourses in red on selling pressure, falling oil prices
Dubai’s main share index fell 0.1%, as top lender Emirates NBD lost 0.7% and low-cost carrier Air Arabia declined 1.3%.
Among other stocks, Union properties slumped 5.7%, its biggest one-day fall since April 25, after the firm reported a near-wipeout of quarterly profit.
======================================= ABU DHABI up 1.1% to 9,929 points DUBAI down 0.1% to 3,317 points =======================================
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