UAE markets gain on resumption of Gaza ceasefire talks

Stock exchanges in United Arab Emirates rose on Friday as the planned resumption of Gaza ceasefire talks in the coming days eased market sentiments.

The head of Israel’s Mossad intelligence agency will travel to Doha on Sunday to try to restart talks for a deal to release Israeli hostages being held in the Gaza Strip, Prime Minister Benjamin Netanyahu’s office said on Thursday.

Mossad head David Barnea will meet with CIA director William Burns and the Qatari prime minister, Netanyahu’s office said.

Dubai’s main index settled 0.3% higher, led by gains in industrial and utilities sector stocks.

Toll gate operator Salik Company jumped 1.1% and Parkin Company increased 3%.

Market heavyweight Emirates NBD Bank and state-run utility firm Dubai Electricity And Water Authority climbed 0.3% and 0.4%, respectively.

Dubai’s outlook remains optimistic as more Q3 earnings releases are expected to support further upside, maintaining its bullish trend compared to regional peers, said Ahmed Negm Head of Market Research MENA at XS.com.

Abu Dhabi’s benchmark index edged 0.1% higher, snapping a four session losing streak, with UAE’s third largest lender Abu Dhabi Commercial Bank rising 1.1% and Gulf Pharmaceutical Industries surging 14.4%.

Gulf bourses end mixed on regional tensions, Q3 earnings

Among the gainers, Easy Lease Motorcycle Rental jumped 6.4% as the firm’s third quarter net profit increased 69% quarter-on-quarter to 7.6 million dirhams ($2.07 million).

Oil prices – a key contributor to Gulf’s economy – rose 0.8% to $74.98 a barrel by 1130 GMT.

Dubai index extended gains to a third week, finishing the week 0.2% higher, while Abu Dhabi logged 0.9% weekly losses, according to data compiled by LSEG.