Stock markets in United Arab Emirates closed higher on Friday, lifted by corporate earnings, while oil prices advanced more than 2% after top crude importer China eased some of the country’s heavy COVID curbs.
Oil, which fuels the region’s growth, rose $2.39, or 2.6%, to $96.06 a barrel by 0745 GMT, extending a 1.1% rise in the previous session.
In Abu Dhabi, the index edged up 0.1%, helped by a 5% boost in Multiply Group.
The investment firm Eshraq Investments surged as much as 11.4% in day trade after posting highest ever quarterly profit of 474.2 million dirhams ($129.13 million) compared with a profit of 17.2 million dirhams ($4.68 million)a year earlier.
Among other stocks, Hily Holding, formerly known as FOODCO Holding, jumped 4.5% after it swung to third-qaurter profit.
The Abu Dhabi index was up 1.4% on weekly basis as it extended the gains to fourth consecutive week, according to Refinitiv data.
Dubai benchamrk index added 0.7% on Friday, paring losses in previous session on Thursday.
Most Gulf bourses in red on falling oil prices
Heavyweights Emaar Properties advanced 1.6% and lender Dubai Islamic Bank hiked 1.7%.
Shuaa Capital surged 8% as Company posted a third-quarter profit of 19.9 million dirhams ($5.42 million), underpinned by strong revenues driven by lower costs and cost optimization initiatives.
The index notched up a 1.7 % weekly gain, according to Refinitiv data.
Major stock markets elsewhere in the Gulf region were closed.
========================================== ABU DHABI rose 0.1% to 10,630 points DUBAI was up 0.7% to 3,407 points ==========================================
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