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 around 1%.
Dubai’s main index recovered from losses in the previous session, rising 0.6%, supported by gains in utility and financial stocks.
Emirates NBD Bank, Dubai’s largest lender, advanced 2%, while Dubai Electricity and Water Authority climbed 1.9%.
Separately, Dubai Chambers signed memoranda of understanding with four Chinese chambers of commerce to strengthen cooperation, support the business community, and deepen ties between companies in Dubai and their counterparts in Beijing, Shenzhen, Guangzhou and Chongqing.
Abu Dhabi’s benchmark index edged 0.04% up, helped by a 2.9% rise in Americana Restaurant International and 1.8% hike in hospitality firm Abu Dhabi National Hotels.
Among the gainers, Fujairah Cement Industries rose 1.1% after its board approved a tripartite partnership project to establish and operate a dry mortar and chemicals plant.
Dubai’s index posted a weekly gain of 0.8% after two consecutive weeks of losses, while Abu Dhabi’s index also ended a three-week losing streak, recording a marginal weekly increase of 0.13%.
Oil prices — a key catalyst for Gulf’s financial market — rose on Friday on uncertainty over Middle East supplies and a larger-than-expected draw from US crude stockpiles.
Brent crude was up 0.5% at $106.44 a barrel by 1150 GMT.