Abu Dhabi index closed higher on Friday, in line with oil prices after U.S. President Donald Trump issued a sweeping plan to boost U.S. production and demanded OPEC lower crude prices, while Dubai bucked the trend.
Trump told business leaders at the World Economic Forum in Davos, Switzerland, on Thursday that he wanted to lower global oil prices, interest rates and taxes.
Oil prices – a key catalyst for the Gulf’s financial market – rose on Friday with Brent crude gaining 0.52% to $78.70 a barrel by 1145 GMT
Abu Dhabi’s benchmark index settled 0.2% higher, extending gains to the fifth session with the largest lender, First Abu Dhabi Bank, rising 1% and Adnoc Drilling increasing 0.5%.
Among the gainers, National Bank of Ras Al Khaimah surged 7.1% after the lender reported a 16.4% growth in full-year net profit after tax to 2.1 billion dirhams ($571.79 million).
Major Gulf markets gain; eyes on Trump’s tariff plan
Abu Dhabi’s outlook remains optimistic, with upcoming fourth-quarter results potentially providing additional support if they prove favourable, said Joseph Dahrieh, Managing Principal at Tickmill.
However, Dubai’s main index fell 0.4%, snapping a three-session gaining streak, dragged down by losses in heavyweight real estate and utilities sector stocks.
Dubai’s biggest developer Emaar Properties declined 1.5% and state-run utility firm Dubai Electricity and Water Authority shed 1.2%.
Dubai and Abu Dhabi markets recorded 0.3% and 0.7% gains respectively on a weekly basis according to LSEG data.
---------------------------------------- ABU DHABI down 0.1% to 9,564 points DUBAI lost 0.4% to 5,225 points ----------------------------------------
Abu Dhabi index closed higher on Friday, in line with oil prices after U.S. President Donald Trump issued a sweeping plan to boost U.S. production and demanded OPEC lower crude prices, while Dubai bucked the trend.
Trump told business leaders at the World Economic Forum in Davos, Switzerland, on Thursday that he wanted to lower global oil prices, interest rates and taxes.
Oil prices – a key catalyst for the Gulf’s financial market – rose on Friday with Brent crude gaining 0.52% to $78.70 a barrel by 1145 GMT
Abu Dhabi’s benchmark index settled 0.2% higher, extending gains to the fifth session with the largest lender, First Abu Dhabi Bank, rising 1% and Adnoc Drilling increasing 0.5%.
Among the gainers, National Bank of Ras Al Khaimah surged 7.1% after the lender reported a 16.4% growth in full-year net profit after tax to 2.1 billion dirhams ($571.79 million).
Major Gulf markets gain; eyes on Trump’s tariff plan
Abu Dhabi’s outlook remains optimistic, with upcoming fourth-quarter results potentially providing additional support if they prove favourable, said Joseph Dahrieh, Managing Principal at Tickmill.
However, Dubai’s main index fell 0.4%, snapping a three-session gaining streak, dragged down by losses in heavyweight real estate and utilities sector stocks.
Dubai’s biggest developer Emaar Properties declined 1.5% and state-run utility firm Dubai Electricity and Water Authority shed 1.2%.
Dubai and Abu Dhabi markets recorded 0.3% and 0.7% gains respectively on a weekly basis according to LSEG data.
---------------------------------------- ABU DHABI down 0.1% to 9,564 points DUBAI lost 0.4% to 5,225 points ----------------------------------------
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