UAE stocks track global shares higher
Stock market in the United Arab Emirates closed higher on Friday, in line with global equities, with Dubai outperforming its regional peer as investors assessed geopolitical developments and focused on diplomatic solutions. European stocks — which had been hit less hard by Thursday’s selloff — were mostly higher on Friday. The pan-European index STOXX 600 gained 0.6%, while Germany’s DAX rose…
The United Arab Emirates' stock market surged higher on Friday, mirroring the performance of global equities. Dubai's main index led the rally, recovering from losses seen in the previous session and gaining 0.6%. This outperformance was driven by gains in utility and financial stocks, with key players such as Emirates NBD Bank and Dubai Electricity and Water Authority also rising. Emirates NBD Bank, the largest lender in Dubai, saw a 2% increase, while Dubai Electricity and Water Authority climbed 1.9%.
In contrast, Abu Dhabi's benchmark index experienced a modest gain of 0.04%, bolstered by a notable 2.9% rise in Americana Restaurant International and a 1.8% hike in Abu Dhabi National Hotels. Additionally, Fujairah Cement Industries made strides, posting a 1.1% increase after its board approved a tripartite partnership project aimed at establishing and operating a dry mortar and chemicals plant.
The weekly gains in Dubai's index reached 0.8%, marking a turnaround from two consecutive weeks of losses. Similarly, Abu Dhabi's index concluded a three-week losing streak, recording a slight weekly increase of 0.13%. The rise in oil prices also contributed to the market's buoyancy, as uncertainty surrounding Middle East supplies and a significant drawdown in US crude stockpiles propelled Brent crude to a 0.5% increase, reaching $106.44 a barrel.
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