Stock markets in the United Arab Emirates (UAE) rose on Friday, as investor confidence improved on expectations that central banks such as the US Federal Reserve and European Central Bank are nearing the end of policy tightening campaign.
Central banks delivered quarter-percentage-point rate increases this week despite cooling inflation, but have now switched to a more cautious posture about further moves in a sign that a year-long round of global monetary tightening could be at an end.
In Dubai, the main share index settled 0.2% higher, supported by a 1.1% gain in Emirates Central Cooling Systems Corp and 1.2% increase in business park operator Tecom Group.
Most Gulf markets fall following Fed rate hike; Qatar gains
Among the gainers, Dubai exchange operator Dubai Financial market gained 1.2% after the company reported more than 100% growth in its Q2 net profit to AED 76.6 million dirhams ($20.86 million)
Alpha Dhabi Holding’s 1.1% hike and Rak properties’s 5.3% jump helped Abu Dhabi’s benchmark index to stay in green territory with index edging up 0.01%.
However, IHC-owned building material provider Apex Investment slumped 5.4% after the firm posted 8.6 mln dirhams ($2.34 mln) losses in the second quarter
Both the benchmark indexes in Dubai and Abu Dhabi posted weekly gain of 1.3% and 1.4% respectively, according to refinitiv data.
ABU DHABI edges up 0.01% to 9,760 points
DUBAI up 0.2% to 4,037 points
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