United Arab Emirates stock markets closed mixed on Friday, as Dubai’s index extended its winning streak to third sessions maintaining its strong momentum and bullish trend while the Abu Dhabi index continued its downward trajectory, concluding with a negative performance this week.
Meanwhile, oil prices, a key driver of Gulf financial markets, rose nearly 1% on Friday, poised for a weekly gain, fuelled by expectations of a stimulus-led economic rebound in China, the world’s largest oil importer, and forecasts of declining U.S. inventories.
Brent was trading at $73.88 a barrel by 1135 GMT.
Dubai’s index (.DFMGI) edged up 0.3%, driven by a 4.7% surge in Shuaa Capital after its board approved a 425.5 million dirham ($115.86 million) mandatory convertible bond issuance
Other notable movers included toll operator Salik Company, which gained 2.7%, while Emaar Properties closed flat.
Dubai index hits over a decade high again; most Gulf shares down
For the week, Dubai index rose 1.4%.
Abu Dhabi’s index slipped 0.5%, weighed down by declines in key stocks, including the country’s largest lender, First Abu Dhabi Bank, which fell 1.5%, and International Holding Company, which dropped 0.5%.
Abu Dhabi’s stock market extended its losing streak to three days, wiping out most of its weekly gains as ongoing market uncertainty dampened investor sentiment,“ said Ahmed Negm, Head of Market Research MENA at XS.com.
The index was down 0.3% on a weekly basis.
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ABU DHABI down 0.5% to 9,328 points
DUBAI rose 0.3% to 5,130 points
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