Stock markets in the United Arab Emirates closed higher on Friday, in line with global equities as China’s central bank launched two schemes aimed at boosting stocks and as robust U.S. economic data this week continued to bolster investor sentiment.
Mainland Chinese blue chips jumped 3.6%, while European index edged up 0.14%.
U.S. retail sales increased 0.4% in September, slightly more than expected, while weekly jobless claims fell unexpectedly.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the Fed’s decisions as most regional currencies are pegged to the U.S. dollar.
Dubai’s main index settled 0.2% higher, lifted by gains in banking sector stocks with top lender Emirates NBD Bank advancing 1.3% and Dubai Islamic Bank marching 1.1%.
Most Gulf markets in black ahead of earnings; oil geopolitics cap gains
Abu Dhabi’s benchmark index rose 0.1%, supported by a 0.3% increase in conglomerate International Holding Company and a 14.9% jump in Gulf Pharmaceutical Industries.
Among the winners, UAE’s largest lender First Abu Dhabi Bank gained 0.9% after the lender posted a 5% growth in Q3 net profit to 4.46 billion dirhams ($1.21 billion) that beat the market estimates.
Dubai and Abu Dhabi indexes reported weekly gains of 0.6% and 0.3%, respectively, according to data compiled by LSEG.
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ABU DHABI .FTFADGI up 0.1% to 9,288 points
DUBAI rose 0.2% to 4,469 points
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