Dubai’s main share index closed higher on Friday, boosted by gains in banking and industrial sector stocks while the Abu Dhabi index declined on the day.
The Dubai index gained 4.6% in the first quarter of 2024 after suffering losses in the quarter ending December 2023, according to LSEG data, supported by strong corporate earnings and rising real estate prices in the Emirate.
Dubai’s main index rose 0.3% on Friday, lifted by a 1.2% rise in top lender Emirates NBD Bank and a 4.2% hike in Mashreq Bank.
Among the gainers, school operator Taaleem Holdings gained 1.4% after the firm reported a 47% growth in second quarter net profit to 101.2 million dirhams ($27.56 million).
Abu Dhabi’s benchmark index slipped 0.4%, dragged down by a 9.9% plunge in UAE’s largest utility firm Abu Dhabi National Energy Company, while the UAE’s largest lender First Abu Dhabi Bank fell 1.3%.
On a weekly basis the Dubai index ended 0.8% lower, according to LSEG data.
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Despite this week’s decline and price correction risks, the solid fundamentals of the Dubai market and economy could support a recovery, said Milad Azar Market, market analyst at XTB MENA.
Meanwhile the Abu Dhabi index logged a 3.7% decline on a quarterly basis and a 1% fall on a weekly basis, according to LSEG data.
The oil price - a key marker for the Gulf’s financial market - settled 1.94% higher at $87.07 a barrel on the expiry on Thursday.
Gains in oil prices were fuelled by concerns of tighter crude supply amid ongoing attacks on Russia’s energy infrastructure and a falling U.S. rig count.
=================================== ABU DHABI down 0.4% to 9,228 DUBAI gained 0.3% to 4,246 ===================================
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