The Dubai index closed lower on Friday as investors moved to take profit from the previous session, while Abu Dhabi index ended marginally higher.
Dubai’s main index retreated 0.3% after hitting an eight-year high on Thursday, dragged by blue-chip developer Emaar Properties and Islamic lender MashreqBank, which fell 2.9% and 6.1%, respectively.
However, the index posted its highest weekly gains in over two months, settling 3.1% higher, according to LSEG data.
Dubai’s stock market witnessed a strong performance this week thanks to the positive sentiment and strong gains in banking and real estate, said George Pavel, General Manager at Capex.com Middle East.
Meanwhile, the Abu Dhabi benchmark index edged 0.04% higher, supported by a 2.8% climb in state-run utility firm Abu Dhabi National Energy Company.
Among the winners, Mubadala-backed satellite firm Al Yah Satellite Communications jumped 1.9% after the firm secured $5.1 billion satellite capacity and managed services mandate from the UAE government.
Crude prices, a key component of Gulf’s economy, rose 1% on Friday, snapping three sessions of loss as Russia’s ban on gasoline and diesel export to fight domestic shortages deepened supply concerns.
Brent crude was up 1% or $0.91 to $94.23 a barrel by 1120 GMT.
==================================== ABU DHABI edged 0.04% to 9,849 DUBAI fell 0.3% to 4,169 ====================================
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