Stock markets in United Arab Emirates closed higher on Friday, lifted by positive earnings results and a jump in oil prices caused by reports Iran is preparing to launch a retaliatory strike on Israel from Iraq in the coming days.
Oil prices rose 2.1% to $74.30 a barrel by 1042 GMT.
In the oil-producing Gulf, higher crude prices spur gains. Banking stocks stand to be the biggest winners from any extra income.
Dubai’s main index started November with 0.7% in gains, rebounding from previous session’s loss with leading lender Emirates NBD Bank increasing 1.8% and blue-chip developer Emaar Properties rising 1.7%.
Other gainers included business park operator Tecom Group. It rose 0.6% after the firm posted 20% growth in third-quarter net profit to 339.6 million dirhams ($92.46 million).
Most Gulf markets gain on Israel-Hezbollah ceasefire hopes
Abu Dhabi’s benchmark index settled 0.2% higher, extending gains to sixth straight session, supported by a 2% hike in UAE’s largest lender First Abu Dhabi Bank and 2.9% jump in UAE’s third largest lender Abu Dhabi Commercial Bank.
The Dubai index increased by 3.2%, its biggest weekly gains since early November Last year. On a monthly basis the index recorded 1.9% growth, according to LSEG data.
Abu Dhabi index advanced 1.6%, its highest weekly rise in nearly two months.
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ABU DHABI up 0.2% to 9,349 points
DUBAI rose 0.7% to 4,621 points
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