Stock markets in the United Arab Emirates closed higher on Friday as signs of possible trade talks between the U.S. and China lifted market sentiment.
China said on Friday the United States has repeatedly expressed its willingness to negotiate on tariffs and that Beijing’s door is open for talks, in a move that could ease trade tensions that have roiled global markets.
Dubai’s main index settled 0.4% higher, rebounding from the previous session’s loss, helped by gains in heavyweight real estate and industrial sector stocks.
Among the winners, blue-chip developer Emaar Properties increased 1.5% and toll gate operator Salik Company finished 1.4% up.
Stock exchange operator Dubai Financial Market climbed 4.4% after the firm reported a 42% surge in first-quarter net profit to 127 million dirhams ($34.58 million).
Most Gulf markets gain ahead of earnings, US data
Abu Dhabi’s benchmark index extended gains to fifth session in a row with the index rising 0.2%, lifted by a 2.5% jump in each of IHC-owned conglomerate Alpha Dhabi Holding and Adnoc Drilling.
Among the gainers, Adnoc Gas rose 0.6% ahead of its Q1 earnings expected later in the day.
Dubai index notched up 2.5% on a weekly basis, while Abu Dhabi gained 2%, its highest weekly gain since Nov. 3, 2023, according to LSEG data.
Oil prices - a key catalyst for Gulf’s financial markets - declined on Friday with Brent crude sliding 0.69% to $61.7 a barrel by 1136 GMT.
--------------------------------- Abu Dhabi up 0.2% to 9,579 Dubai rose 0.4% to 5,291 ---------------------------------
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