Stock markets in the United Arab Emirates ended higher on Friday, with the Abu Dhabi index extending gains for a second session following recent price corrections.
In Abu Dhabi, the equities jumped 1.6%, their biggest percentage rise since late October, with Americana Restaurants International climbing 2.3%.
Americana, which operates franchises for KFC, Pizza Hut, Hardee’s and Krispy Kreme, debuted earlier this week after raising $1.8 billion in an initial public offering and a subsequent dual listing in Abu Dhabi and Riyadh.
Elsewhere, the country’s biggest lender First Abu Dhabi Bank, which hit a 19-month low on Monday, jumped 4.3%.
However, the market remains exposed to new declines as oil prices could extend losses, said Wael Makarem, senior market strategist at Exness.
Gulf bourses end mixed on Fed’s hawkishness, volatile oil
Oil - a key catalyst for the Gulf’s financial market – fell as the market assessed the aftermath of interest rate hikes at central banks, but was poised for the biggest weekly gains in 10 weeks amid supply disruption concerns and hopes for a recovery in demand in China.
Dubai’s main share index gained 0.4% in a choppy trade, with sharia-compliant lender Dubai Islamic Bank advancing 1.4%.
According to analyst Makarem, the Dubai bourse found some support in improving local fundamentals while the tourism sector grows more rapidly.
==================================== ABU DHABI rose 1.6% to 10,328 DUBAI added 0.4% to 3,329 ====================================
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