Stock exchanges in the United Arab Emirates advanced on Friday, with Abu Dhabi leading the charge ahead of key U.S. inflation data.
The closely watched U.S. inflation gauge could help shape investor expectations for where the Federal Reserve may steer interest rates next year.
Abu Dhabi’s benchmark index jumped 0.8%, boosted by a 2% surge in the UAE’s richest firm, International Holding Company.
The UAE’s largest lender, First Abu Dhabi Bank, jumped 1.1% and state-run utility Abu Dhabi National Energy Company increased 1%.
Abu Dhabi National Oil Co For Distribution declined 1.7% after its chief financial officer, Wayne Beifus, resigned.
Dubai’s main index settled 0.2% higher on the day, helped by gains in real estate and utility sector stocks with Emirates Central Cooling system Corp climbing 3.9% and blue-chip developer Emaar Properties rising 2.4%.
Most Gulf shares join global decline as Fed sounds hawkish
The index, which hit a 10-year high on Tuesday, has been supported by solid gains in Emaar Properties, which posted its highest ever weekly gain of 34.5% after saying last week it would declare dividends at 100 per cent of its share capital.
Investment bank Shuaa Capital gained 2.4% as its board of directors approved an agreement with a senior creditor to restructure AED 208 million ($56.63 million) in outstanding facilities.
Dubai’s index surged 4.71% on the week, its highest weekly close in more than 3 years, while Abu Dhabi’s index recorded a 0.9% weekly gain, LSEG data showed.
Oil prices declined more than 1% on Friday on worries about demand growth in 2025, especially in top crude importer China.
Brent crude was down 1.13% to $72.06 a barrel by 1136 GMT.
------------------------------------------ ABU DHABI gained 0.8% to 9,351 points DUBAI up 0.2% to 5,057 points ------------------------------------------
Stock exchanges in the United Arab Emirates advanced on Friday, with Abu Dhabi leading the charge ahead of key U.S. inflation data.
The closely watched U.S. inflation gauge could help shape investor expectations for where the Federal Reserve may steer interest rates next year.
Abu Dhabi’s benchmark index jumped 0.8%, boosted by a 2% surge in the UAE’s richest firm, International Holding Company.
The UAE’s largest lender, First Abu Dhabi Bank, jumped 1.1% and state-run utility Abu Dhabi National Energy Company increased 1%.
Abu Dhabi National Oil Co For Distribution declined 1.7% after its chief financial officer, Wayne Beifus, resigned.
Dubai’s main index settled 0.2% higher on the day, helped by gains in real estate and utility sector stocks with Emirates Central Cooling system Corp climbing 3.9% and blue-chip developer Emaar Properties rising 2.4%.
Most Gulf shares join global decline as Fed sounds hawkish
The index, which hit a 10-year high on Tuesday, has been supported by solid gains in Emaar Properties, which posted its highest ever weekly gain of 34.5% after saying last week it would declare dividends at 100 per cent of its share capital.
Investment bank Shuaa Capital gained 2.4% as its board of directors approved an agreement with a senior creditor to restructure AED 208 million ($56.63 million) in outstanding facilities.
Dubai’s index surged 4.71% on the week, its highest weekly close in more than 3 years, while Abu Dhabi’s index recorded a 0.9% weekly gain, LSEG data showed.
Oil prices declined more than 1% on Friday on worries about demand growth in 2025, especially in top crude importer China.
Brent crude was down 1.13% to $72.06 a barrel by 1136 GMT.
------------------------------------------ ABU DHABI gained 0.8% to 9,351 points DUBAI up 0.2% to 5,057 points ------------------------------------------
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