DUBAI: Dubai’s stock index closed higher on Friday, following global equities over hopes of a subdued US payrolls number later in the day, though Abu Dhabi shares bucked the trend.
MSCI’s All-Country stock index was 0.2% higher, while in Europe the STOXX 600 index rose 0.7%.
US job growth likely slowed moderately in September, according to analysts’ forecasts, with non-farm payrolls expected to increase by 170,000 jobs after rising 187,000 in August.
Dubai’s benchmark index jumped 0.5%, boosted by gains in financial and utilities sector stocks. Dubai’s largest lender, Emirates NBD Bank, advanced 1.7% and Emirates Central Cooling Systems Corporation gained 2.2%.
Among the winners, BHM Capital Financial Services surged 14.6% after EIH Financial Services acquired a 66.97% stake in the company from Jordan Kuwait Bank.
Meanwhile, Abu Dhabi’s main index edged 0.1% lower, weighed down by a 1.8% decline in each of Emirates Telecommunications Group and state-run Adnoc Gas.
Brent crude was up 0.1% or $0.12 to $84.19 a barrel by 1154 GMT.
Separately, Abu Dhabi National Oil Company (ADNOC) said on Thursday it had awarded contracts worth about $16.94 billion for a gas project that aims to operate with net zero carbon dioxide emissions, adding it would be the first in the world to do so.
Abu Dhabi’s index could see additional price corrections if oil prices continue to decline, said Hani Abuagla, Senior Market Analyst at XTB MENA.
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