Stock exchanges in United Arab Emirates closed higher, as strong corporate earnings boosted investor sentiments.
Even though Dubai index was a little volatile in early session amid reports of IT outage disrupting airlines, banks and financial services across the globe.
Dubai’s main market settled 0.3% higher, extending gains to third straight session, elevated by a 1.9% jump in Emirates Central Cooling Systems Corporation, while blue-chip developer Emaar Properties added 0.5%.
Among gainers, Ajman Bank surged 3.3% after the firm reported 103% growth in second-quarter net profit to 108.1 million dirhams ($29.43 million).
Dubai’s largest lender Emirates NBD Bank was up 0.3% as the lender reported a 13% rise in second-quarter net profit on Thursday.
Abu Dhabi’s benchmark index edged up 0.1%, hitting over 2-months high, supported by a 1.5% rise in UAE’s third largest lender Abu Dhabi Commercial Bank after the lender posted a 20% hike in second-quarter net profit to 2.32 billion dirhams ($631.67 million) on Thursday.
Among the gainers, Abu Dhabi’s biggest developer Aldar Properties increased 1.6% and biggest utility firm Abu Dhabi National Energy Company jumped 2.8%.
Most Gulf markets gain on earnings, US rate-cut hopes
During the trading hours on Friday Abu Dhabi securities exchange (ADX) said that Global index provider FTSE Russell had identified a service disruption impacting all of its FTSE-managed indexes, including the ADX’s indexes.
The Dubai index notched up 1.9%, its 7th weekly gain, while Abu Dhabi index extended gains to 5th week with 1% weekly rise- LSEG data.
However, oil prices – a key contributor to Gulf’s economies – drifted lower as disappointing Chinese economic data and a lacklustre third plenum outcome has cast a shadow over the global mood.
Brent crude was down 0.3% to $84.88 a barrel by 1140 GMT.
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