Abu Dhabi gains on IHC rally, Dubai falls
Abu Dhabi’s index closed higher on Friday, supported by gains in the healthcare and consumer staples sectors, while Dubai’s market bucked the trend to end lower. Abu Dhabi’s benchmark index rose 1.1%, its biggest intraday gain in more than 6 weeks, boosted by a 4.8% surge in UAE’s biggest listed firm International Holding Company. Among other gainers, healthcare conglomerate Pure Health Holding…
Abu Dhabi's financial market experienced a significant rally on Friday, marked by a 1.1% increase in its benchmark index, the highest intraday gain in over six weeks. This positive performance was primarily driven by a 4.8% surge in the value of UAE's largest listed firm, International Holding Company. Other notable gainers included healthcare conglomerate Pure Health Holding, which rose 4.7%, and hypermarket operator Lulu Retail Holding, which increased by 2.6%.
Conversely, Dubai's market trended lower, ending the day with a 0.5% decline, which marked the conclusion of a two-day winning streak. The downturn was primarily attributed to a 2.4% drop in the value of top lender Emirates NBD Bank and a 1.5% decrease in the value of blue-chip developer Emaar Properties.
Despite the mixed performances, the financial markets in the region were impacted by a broader decline in oil prices. Brent crude, a key driving force behind Gulf financial markets, experienced a 1.6% drop, settling at $103.18 a barrel. This decline was largely due to eased concerns over potential supply disruptions in Saudi Arabia.
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