ABU DHABI: Abu Dhabi index closed higher on Friday, in line with oil prices after new sanctions were imposed on Iran’s crude exports, while Dubai index bucked the trend.
Oil prices - a key catalyst for Gulf’s financial market - drifted nearly 1% higher as the US Treasury said on Thursday it was imposing new sanctions on individuals and tankers helping to ship millions of barrels of Iranian crude oil per year to China, in an incremental move to increase pressure on Tehran. Brent crude was up 0.9% to $74.96 a barrel by 1105 GMT.
Abu Dhabi’s benchmark index rebounded on Friday with the index gaining 0.2% as the majority of stocks were trading in green territory. Adnoc Gas climbed 2% and biggest developer Aldar Properties jumped 1.7% ahead of its earnings on Monday. Adnoc Gas reported $5 billion in full-year profit, up 13% year-on-year and hiked annual dividend by 5%.
Among the gainers, Sharjah-based Dana Gas rose 0.5%, after the firm posted 15% growth in fourth-quarter net profit to 143 million dirhams ($38.94 million) and indicated it would resume a dividend payout.
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