UAE markets hit 4-month high on strong corporate earnings

Stock exchanges in the United Arab Emirates closed at a four-month high on Friday on the back of better-than-expected corporate earnings.

Dubai’s main index surged 1%, its biggest intraday rise since March 1, boosted by strong gains in heavyweight real estate and financial sector stocks. Real estate developer Emaar Properties rose 2.5%.

Lender Emirates NBD Bank gained 3.1% following a report that India will press ahead with the delayed sale of a majority stake in IDBI Bank after central bank clearance. Reuters reported one of the interested buyers include Emirates NBD.

Dubai’s Mashreq Bank surged 5.1% after the lender reported a 5% growth in quarterly net profit.

Abu Dhabi’s benchmark index settled 0.2% higher, extending gains for the third straight session.

Most Gulf markets drop with global shares

Adnoc-owned green hydrogen producer Fertiglobe rose 2%, while real estate firm Aldar Properties gained 1.3%.

Easy Lease Motorcycle Rental increased 1.5% after reporting a higher half-yearly net profit.

Oil prices, a key catalyst for the Gulf’s financial markets, however, declined on Friday pressured by muted demand in China and expectations of a Gaza ceasefire deal that could ease Middle East tensions and accompanying supply concerns.

Brent crude was down 0.4% to $82.02 a barrel by 1152 GMT.