Dubai stocks log third weekly gain as UAE’s shares end higher

Stock markets in the United Arab Emirates ended higher on Friday, supported by a broad-based gains, with the Dubai index posting its third weekly gain.

Dubai’s benchmark stock index rebounded after the previous session of losses to end 0.6% higher, with almost all of its constituents posting gains.

Emirates Central Cooling Systems advanced 2.7% and the blue-chip developer Emaar Properties and its unit Emaar Development gained 0.9% and 2.2% respectively.

For the week, the index was up for a third week in a row.

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The Abu Dhabi benchmark index gained 0.7%, snapping its previous session of losses. For the week, the index was up 0.9%.

Investment company Q Holding rose 1.4% and its owner International Holding Co climbed 2.3%, the highest intraday gain in nearly six months.

The conglomerate IHC shareholders approved a share buyback programme of up to 5 billion dirhams on Thursday.

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 ABU DHABI   gained 0.7% to 9,013
 DUBAI       was up 0.6% to 4,012
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